SPML Infra has won Rs 47.50 crore Arbitration Award against Jharkhand Urja Utpadan Nigam. The need for the arbitration arose due to cost over-run during construction, delayed payment, and additional expenses incurred due to delay and claims of the company were upheld by the Arbitrator. Jharkhand Urja Utpadan Nigam will have to pay interest of 18% on the amount if it is not paid immediately as per award.
The proceedings of the arbitration were held for five years starting 2013 and all pleadings and arguments by both the parties were completed in 36 sittings.
SPML Infra is a single source solution provider for various multi-disciplinary engineering and infrastructure services from conceptualization to maintenance in water, power, environment and infrastructure projects.