The Arbitral Tribunal has directed NHAI to pay a sum of Rs 547.96 crore to IL&FS Transportation Networks’ subsidiary, Pune Sholapur Road Development Company (PSRDCL). The company’s subsidiary, PSRDCL had invoked arbitration against National Highways Authority of India (NHAI) in relation to the work of development, maintenance and management of a highway from Km. 144.400 to Km. 249.000 on the Pune — Solapur section of NH-9 in the State of Maharashtra by four-laning on a DBFOT basis (the Project), awarded by NHAI to PSRDCL pursuant to a Concession Agreement dated September 30, 2017. PSRDCL had claimed compensation for the losses suffered by it on account of the time overrun in the Construction Phase of the Project.
IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.