IRB Pathankot Toll Road wins arbitration award against NHAI.

IRB Pathankot Toll Road Ltd. (IPATRL) has won an arbitration award against the National Highways Authority of India (NHAI).

IRB Pathankot Toll Road, an SPV under IRB InvIT Fund, manages the Pathankot Amritsar Highway Project.

In an exchange filing on Thursday, 

IRB Infrastructure Developers (IRB) said that the company acting as the EPC Contractor of IPATRL raised a claim on IPATRL towards time and cost overrun suffered by the Company during construction period on account of reasons not attributable to EPC Contractor.

On the basis of claim, IPATRL had initiated arbitration proceedings against the NHAI before the Hon'ble Arbitration Tribunal for extension of the concession period by 518 days and compensation of Rs. 252.25 crore plus interest incurred during the extended period for delay in completion of construction of the project on account of the reasons not attributable to IPATRL, it added.

ET