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Indowind Energy Ltd, in a filing with the Bombay Stock Exchange, said that High Court of Madras in an order dated February 27, 2015, appointed retired High Court judge Justice K Chandru as the sole arbitrator. After issuing notice to the parties and upon hearing them, the company expects settlement within a period of six months from the date of receipt of the order.
Indowind management was not available for comment. Reply is awaited on an e-mail sent to Suzlon.
The petition was filed in 2012, to resolve disputes that have arisen between the company and Suzlon by an Arbitration Tribunal, with respect to the claims made by the company against them for loss of powre generation.
Indowind Energy disputed that while Suzlon has given some performance guarantee and based on this Indowind has invested around Rs 108 crore around five years back for a project, but the project did not perform as per the plan. The petition was filed seeking compensation as per the performance guarantee, from Suzlon, said sources close to the development.
