Railway consultancy firm RITES on Monday said it will withdraw arbitration proceedings against a foreign client after receiving nearly Rs 92 crore.
It has signed an agreement with the client for the amount.
"The company has signed an agreement on August 30, 2019 with a foreign client for receipt of payment of an amount of USD 12,818,15217 (approx Rs 92 crore) on or before 15th September, 2019 being outstanding payment due to RITES, for which arbitration proceedings were already initiated," RITES said in a filing to the BSE.
RITES said it has agreed to withdraw the arbitration proceedings on receipt of the total payment.
"Out of this amount...approx Rs 66 crore is towards principal which is already provided for in the books of RITES and...approx Rs 26 crore is towards interest income which is not yet recognised due to uncertainty," the filing said.
RITES Ltd is a multi-disciplinary consultancy organisation in the fields of transport, infrastructure and related technologies.
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