"MBL Infra Secures Arbitration Award of Rs. 17.24 Crores"

MBL Infra, a prominent infrastructure company, has secured a significant victory in arbitration against the Public Works Department of the Government of Uttarakhand. The Learned Arbitral Tribunal rendered a unanimous award on March 23, 2024, in favor of MBL Infra for a completed road project titled "Improvement / Strengthening of State Roads, Contract Package no. 5" in Uttarakhand. The award amounts to Rs 17.24 crores, inclusive of interest up to the date of the award, and also includes a declaratory award of GST along with future interest of 12% p.a. from the date of the award until the actual date of payment, unless settled within 90 days.

Mr. Surender Aggarwal, Executive Director of MBL Infra, expressed satisfaction with the outcome, emphasizing the company's persistent efforts to secure its contractual dues. He conveyed optimism about receiving further awards/orders in pending proceedings, which would bolster the company's liquidity and financial standing. Aggarwal addressed company officials, highlighting the significance of this arbitration win in strengthening MBL Infra's position in the infrastructure sector.

EQUITYBULLS