Rashtriya Chemicals and Fertilizers Ltd gets favorable arbitration award against Thermax Ltd

In the matter of Arbitration between Rashtriya Chemicals and Fertilizers Limited ("the Claimant") and Contractor ("Respondent") regarding recovery of damages, losses, etc. for breakdown of two Gas Turbo Generator (GTGs), an award has been passed by a Arbitral Tribunal consisting of Sole Arbitrator on June 5, 2023.

The Sole Arbitrator has passed an Award in favor of RCF (Claimant) and directed the Contractor (Respondent) to repair and reinstate both the GTGs at company's plant at their own cost and expenses under the defect liability clause. The Arbitrator has also allowed the Company's claim on additional expenditure incurred on power and directed the Contractor to pay Rs. 173.72 Crores with interest @ 10% from the date of claim and a sum of Rs. 95 Lakhs as arbitration cost to the Company.

Shares of Rashtriya Chemicals and Fertilizers Limited was last trading in BSE at Rs. 108.40 as compared to the previous close of Rs. 105.60. The total number of shares traded during the day was 293338 in over 2647 trades.

The stock hit an intraday high of Rs. 108.80 and intraday low of 105.60. The net turnover during the day was Rs. 31491458.00.

Source : Equity Bulls

Keywords

RashtriyaChemicalsandFertilizers INE027A01015 RCF ArbitrationAward