SPML Infra secures several Arbitration Awards of Rs 712 crore
12th Apr 2022

SPML Infra has secured several Arbitration Awards of cumulated amount of Rs 712 crore (including interest upto September 30, 2019) for the projects from different clients in India. The PSU clients’, against whom the Company has received the awards, have preferred to appeal the same, which are presently at various levels of hearing at the Courts. The company is very confident of receiving the full amount of Arbitral Awards along with the interest upto the date of receipt in due course.

The company has substantial claims which are expected to be converted into arbitral awards in the next few years. The company has already filed its claims and is in the final stages of filing several claims with the value of Rs 3000 crore ($393.4 Million) over and above the Arbitral Awards of Rs 712 crore that have been awarded and expected to be realized in due course of time.

Out of the aforesaid Rs 712 crore, there is a clarity on Rs 287 crore which have been partly received by the company at its bank account and also deposited with the Court. The company also expects further deposit of sizeable amounts as per the directions of the Courts. The aforesaid Rs 287 crore and such further amounts as deposited at Courts and realized by the company will be used for the reduction of debts of the lenders.

SPML Infra is India’s leading infrastructure development company with focus on sustainable development for smart cities, promoting access to essential services to all (water, electricity, sanitation, and municipal solid waste management).