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Punj Lloyd wins arbitration award against ONGC

Gasoil News - Published on Mon, 18 Mar 2019

Image Source: Devdiscourse
Engineering and construction firm Punj Lloyd said that it has won an arbitration award worth over about INR 34 crore) with respect to a project in Maharashtra. It said the arbitration award pertained to Heera Redevelopment Project. Punj Lloyd in a filing to the BSE that "The Arbitration Tribunal in the matter of Punj lloyd Ltd & Anr vis Oil & Natural Gas Corporation Ltd in respect of Heera Redevelopment Project, has given an award in favor of Punj lloyd Limited for an amount of USD 4,985,866.37 with interest @ 9 per cent p.a from due date till the date of payment/ realization. It said the award mentions payment of a further amount of USD 17,500 and USD 7,919,661.”

It said that "The amount of USD 7,919,661.00 has to be paid within four months from the award otherwise interest @ 12 per cent p.a.will be payable till the payment or realization thereof."

Source :

Posted By : Rabi Wangkhem on Mon, 18 Mar 2019
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