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Honourable Arbitral Tribunal result favours GPIL

Honourable Arbitral Tribunal result favours GPIL

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The honourable Arbitral Tribunal dismissed the claim made by Lauren Jyoti Private Limited (Lauren) which is an EPC Contractor, appointed by Godawari Green Energy Limited (GGEL).

Godawari Power & Ispat Limited (GPIL) reported to the exchanges regarding the attribution award in the matter of Godawari Green Energy Limited. GGEL is a subsidiary company i.e. a Special Purpose Vehicle (SPV) of GPIL with the latter holding 76.12 per cent stake in GGEL. Lauren was appointed by GGEL to set up 50 MW solar thermal power plants in Jaisalmer (Rajasthan).

Previously, Lauren claimed a payment of around Rs 55.07 crore for invocation of performance guaranteed by GGEL and also a payment of Rs 24.60 crore for customs duty, excise duty, related charges and more. Additionally, it also claimed a payment of Rs 13 .80 crore for cost sharing arraignment along with an interest. Following which, GGEL made a counterclaim of cost overrun, spares, penalties paid by GGEL to NTPC Vidyut Vyapar Nigam (NVVN) and liquidated damages as well. Concludingly, the honourable Arbitral Tribunal dismissed the claim made by Lauren and allowed the counterclaim filed by GGEL, partially to the tune of Rs 2.31 crore and also, directed Lauren to pay a total of Rs 2.31 crore within the time period of 30 days to GGEL.

On Tuesday, the stock of GPIL closed at Rs 250, up by 0.97 per cent or Rs 2.40 per share. The intraday high was Rs 257.70 and intraday low was Rs 246.15. The 52-week high is Rs 294 and 52-week low is Rs 120.60 on BSE.

Source: dsij.in
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Anand Gupta Editor - EQ Int'l Media Network

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