 "Delhi HC asks NHAI to pay Rs 1,204 cr to subsidiary: Reliance Infra")
The Delhi High Court has directed the National Highway Authority of India (NHAI) to pay an arbitral award of Rs 1,204 crore to TK Toll Road Pvt Ltd (TKTR), a wholly-owned subsidiary of Reliance Infrastructure Ltd, according to an exchange filing.
In the regulatory filing, Reliance Infrastructure Ltd said the High Court in its August 9 order has directed NHAI to deposit the amount with it and allowed TKTR to withdraw the same against the bank guarantee.
"We wish to inform you that in the matter of arbitration between TKTR and NHAI, in an execution petition, the Delhi High Court, vide order its dated August 9, 2023 directed NHAI to deposit the awarded amount along with interest total sum of Rs 1,204 crore with the Delhi High Court and allowed TKTR to withdraw the same against the bank guarantee," the filing said.
The amount will be utilised for debt reduction, the company said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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