MBL Infra has recently informed exchanges that the company successfully secured an arbitration award of ₹68.75 crores from the Public Works Department (PWD) of Uttarakhand for the Improvement and Strengthening of Roads in Udham Singh Nagar project (Package No. C2).
The award, passed on December 14, 2024, includes interest at the rate of 12% per annum from the date of the award until payment is made.
If the payment is not made within 90 days, interest will continue to accrue. The total amount of ₹68.75 crores, along with applicable GST and royalty charges to be ascertained, will be paid within the stipulated timeframe.
In the exchange filing, MBL Infra shared, “The Learned Arbitral Tribunal has by majority of 2:1 passed an award dated 14.12.2024 in favour of the company against Public Works Department, Government of Uttarakhand for the project of `Improvement and Strengthening of Roads in the District of Udham Singh Nagar ( Package No. C2)’ in the state of Uttarakhand for Rs 68.75 crores (plus royalty to be ascertained and applicable GST) along with interest @ 12% p.a. from the date of award till the date of payment to the Company, if the amount is not paid within 90 days.”