Reliance Infrastructure Limited has announced that on September 29, 2023, the Hon'ble High Court at Calcutta has pronounced judgment in a petition filed by Damodar Valley Corporation ("DVC") challenging the Arbitration award dated 21.12.2019 of Rs. 1,250 crore ("Award") passed in favour of the Company, in respect of the Raghunathpur Thermal Power Project, wherein DVC was directed by Arbitral Tribunal to pay Rs. 896 crore and return Bank Guarantees of Rs. 354 crore.
The Hon'ble High Court, except for certain issues, has upheld majority of the Award to the extent of Rs. 1,354 crore including interest till date and includes Bank Guarantees of Rs. 354 crore which were returned by DVC to the Company at the direction of Arbitral Tribunal.
The Company is in process of undertaking a detailed review of the Judgment and shall take further steps as per legal advice to enforce the Award to the extent upheld and / or initiate proceedings to challenge the Judgment dated September 29, 2023 to the extent it interferes with the Award.
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