IRB Infrastructure Developers has informed that IRB Ahmedabad Vadodara Super Express Tollway (IRBAV, a subsidiary of the Company) has received the Arbitral Award on 09.04.2024 with respect to its claim on account of revenue losses due to emergence of the Competing Road running parallel to the Project Highway. Under the claim, IRBAV had contended that the Competing Road came into existence in the year 2015-16. Accordingly, a compensation amounting to Rs 1032.61 Crore plus interest was claimed from NHAI. NHAI’s contention was primarily that there was no Competing Road. NHAI had a counter claim on the IRBAV amounting to Rs 29.73 Crore on account of advancement of Premium due to cash surplus available with IRBAV in the FY 2014-15. The Hon’ble Arbitral Tribunal, in its Award, has declared that the Competing Road came into existence in January 2019 (when 75% of the length of Competing Road was completed) and not in the year 2015- 16. However, due to technical reasons, no compensation was awarded on account of this Competing Road. The Award has also directed IRBAV to make the payment of Premium to NHAI as per the Premium Deferment Scheme. However, the Counter claim of NHAI for advancement of Premium amounting to Rs 29.73 Crore has been rejected. Additionally, an amount of Rs 1.9 Crore plus interest has been awarded to the Claimant on account of losses due to unwarranted retention of Bank Guarantee by NHAI. NHAI has also been directed to return the said Bank Guarantee to IRBAV. IRBAV will take steps to protect its rights under the Concession Agreement and law as per the advice of its legal counsels.
The above information is a part of company’s filings submitted to BSE.
| Company Name | CMP |
|---|---|
| Larsen & Toubro | 4019.90 |
| Rail Vikas Nigam | 304.50 |
| NCC | 161.85 |
| KEC International | 589.25 |
| Kalpataru Projects | 1250.60 |
| View more.. | |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: