SPML Infra wins arbitration award against Jharkhand Urja Utpadan Nigam

SPML Infra has won Rs. 47.5 crore Arbitration Award Against Jharkhand Urja Utpadan Nigam. The Arbitration order was passed by Sole Arbitrator, Hon'ble Justice D.G.R. Patnaik (Retd. Judge, Jharkhand High Court), and Jharkhand Urja Utpadan Nigam was asked to pay it immediately. Jharkhand Urja Utpadan Nigam will have to pay interest @18% on the amount if it is not paid immediately as per award.

The need for the arbitration arose due to cost over-run during construction, delayed payment, and additional expenses incurred due to delay and claims of the company were upheld by the Arbitrator. The proceedings of the arbitration were held for five years starting 2013 and all pleadings and arguments by both the parties were completed in 36 sittings.

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