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Mumbai-based MEP Infrastructure Developers Ltd has said that its subsidiary MEP Chennai Bypass Toll Road Private Ltd has handed over the project facilities and toll plaza on the Chennai Bypass to the National Highways Authority of India from April 9, following disputes between the two.
The settlement of claims will be dealt as per the provisions of the Concession Agreement, says a company communication to the Bombay Stock Exchange.
The company entered into the concession agreement with NHAI for operation and maintenance of the 32-km Chennai Bypass on Operation, Maintenance and Transfer basis. The six-lane carriageway links Irumbuliyur in Kancheepuram district with Puzhal in Tiruvallur district connects Grand Southern Trunk Road (NH 45) with the Chennai-Kolkata Highway (NH 5) with a heavy flow of trucks from and to the Kamarajar Port, Chennai Port and Krishnapatnam port.
The Commercial Operation Date (COD) for the project was achieved on May 14, 2013. Post COD, during the operating period, various disputes arose mainly on account of evasion of toll and fee rule notification between the Concessionaire and NHAI.
Under the orders of the Delhi High Court, both the Concessionaire and NHAI were directed to settle the dispute amicably.
As a part of the amicable settlement, an independent engineer has evaluated the claims made by the concessionaire from time to time. However, the final settlement on the same is yet to be made, the communication says.
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