MEP Infrastructure Developers provides update on Chennai Bypass Toll Road project

Hands over Toll Plaza and project facilities to NHAI

MEP Infrastructure Developers announced that one of the Company's Subsidiary viz MEP Chennai Bypass Toll Road ("SPV and/or Concessionaire") had entered into the concession agreement with National Highways Authority of India ("NHAI") on 14 January 2013 for Operation and Maintenance of Chennai Bypass section from Km 0.00 to Km 32.600 in the State of Tamil Nadu on OMT basis -OMT package No NHAI/OMT/ Pkg 15/2011. The Commercial Operation Date (COD) for the Project was achieved on 14 May 2013.

Post COD, during the operating period, various disputes arose on account of mainly evasion of toll and fee rule notification, between the Concessionaire and Authority. Under the orders of the Hon'ble High Court of Delhi, both the Concessionaire & Authority were directed to amicably settle the disputes. As a part of the amicable settlement Independent Engineer has evaluated the claims made by the Concessionaire from time to time. However, final settlement on the same is yet to conclude.

As part of the settlement, the Concessionaire, has handed over the Project Facilities & the Toll Plaza's to the NHAI from 09 April 2016 at 00.00 hours. The Settlement of claims will be dealt as per the provisions of the Concession Agreement.

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