NEL Holdings South has informed that one of the Construction Vendor for the projects in Company & in the WOS had a dispute with the Company on the work done. The Party approached NCLT, Bangalore with 2 petitions & filed claims in the year 2018 against NHDPL & Company & both these matters were then dismissed by NCLT. The Vendor filed for a review of orders & further requested to reinstate the matter which was then reinstated by NCLT. 1st matter filed against NHDPL for a claim amount of Rs 66 lacs approximately was dismissed by Honourable NCLT. 2nd matter for a total claim of Rs 33 lacs approximately including interest claim was admitted. The Company has been advised by its legal counsels that the order of admission can be challenged and would be dismissed on the same ground as the first matter cited above. Due to urgency & the potential delays in getting a stay in the appellate tribunal, the Company has paid the vendor & settled the dispute and filed joint memo of withdrawal.
The above information is a part of company’s filings submitted to BSE.
