IRB Infra gets part payment of Rs 308 crore of arbitration award from NHAI
23rd Jun 2022

IRB Infrastructure Developers has received Rs 308 crore towards part payment i.e., 75% of the total Arbitration Award from the National Highway Authority of India (NHAI). Earlier, pursuant to the measures approved by the Cabinet Committee on Economic Affairs (CCEA) for revival of construction sector, it had directed the Government Agencies to pay 75% of Arbitral Award amount against the Bank Guarantee where Government Agencies have challenged the Arbitral Award.

To re-iterate, in July 2021, the IRB Pathankot Amritsar Toll Road (IPTRL) had won the arbitration award of 518 days extension in Concession period and Rs 419 crore (including Interest) towards the delay in completion of the construction of the project on account of the reasons not attributable to the company. The NHAI had challenged the decision before Delhi High Court. The Hon’ble Delhi High Court, while upholding the Arbitral Tribunal’s decision, had directed the NHAI to release 75% of the arbitration award to the company. IRB Pathankot Amritsar Toll Road (IRPRL) is a special purpose vehicle (SPV) of IRB Infrastructure Developers.

IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.