MBL Infrastructure Ltd awarded arbitration award of Rs. 68.75 crores

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. C 2)' 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.

"Out of the claims exceeding Rs 3000 crores, the Company has already received arbitration awards of Rs 245.75 crores (including interest upto 30.09.2024 on earlier awards). The Company is perusing its receivables which are at various stages of negotiations /discussions with the clients / arbitrations/litigations. The Company is consistently aiming to resolve the disputes amicably, preserving long term relationships with the customers.

With the implementation of the Package/Resolution Plan by Banks w.e.f. 04.09.2024 and availability of working capital facilities, Bank Guarantees/ Letters of Credit and accounts of the Company being upgraded to 'Standard' by the Banks, the Company will start bidding for the projects within its defined profitability priorities and obtain new projects in near future." said Mr. Anjanee Kumar Lakhotia, Chairman & Managing Director, while addressing Company officials.

Shares of MBL Infrastructures Limited was last trading in BSE at Rs. 62.62 as compared to the previous close of Rs. 59.64. The total number of shares traded during the day was 86784 in over 258 trades.

The stock hit an intraday high of Rs. 62.62 and intraday low of 60.75. The net turnover during the day was Rs. 5420390.00.

Source : Equity Bulls

Keywords

MBLInfrastructures INE912H01013 Arbitration