MBL Infra wins Arbitration Award of Rs 78.84 crores

The Learned Arbitral Tribunal comprising of Hon’ble Justice Asok Kumar Ganguly, Former Judge, Supreme Court of India, Presiding Arbitrator, Hon’ble Justice Aloke Chakrabarti, Former Judge, Calcutta High Court, Co-Arbitrator, and Hon’ble Justice J D Kapoor, Former Judge, Delhi Court, Co-Arbitrator, has passed majority award dated 16.03.2022 for a sum of Rs 78.84 crores (including interest till 16.03.22) plus further interest @8% p.a. till the payment of the award amount in favour of MBL Infrastructures Ltd against West Bengal Highway Development Corporation Ltd, for a Road project in the state of West Bengal. The minority award is for a sum of Rs 186.64 crores plus further interest @8% p.a. till the payment of the award amount to the Company.

“With this award, the aggregate arbitration awards received value Rs 185.92 crores including interest upto 31.03.22. The arbitration award is a result of our continued efforts for realization of our arbitration claims. We are hopeful of receiving more awards in various pending proceedings and shall continue our persuasion for realization of our dues which will further improve the overall liquidity and financial position of the Company. With the order of the Hon’ble Supreme Court and Hon’ble NCLT, the Resolution Plan has achieved finality and the Company shall get bank guarantees and documents for getting new projects, execution etc. We shall now start bidding for selected new projects and with the impetus of the government on infrastructure projects which is core competency area of the Company, MBL expects to win new orders in near future”. said Mr Anjanee Kumar Lakhotia, Chairman & Managing Director while addressing the officials of the Company.