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IL&FS Engineering Services has initiated arbitration proceedings against state-run National Highways Authority of India (NHAI) for a ₹1,200 crore project with respect to Four Lanning of Patna-Gaya-Dhobi section
“The Company has initiated arbitration by invoking relevant provisions of Arbitration and Conciliation Act read with EPC Contract dated 24.12.2014 against National Highways Authority of India , Ministry of Road Transport & Highways, Government of India to secure its contractual rights and obligations,” the company said in a stock exchange filing.
- Also read: NHAI to raise ₹15,000 cr via InvITs in FY24
“The arbitration is primarily, inter alia, NHAI’s failure to provide encumbrance free land parcels for execution of project. The Arbitral Tribunal at the first hearing has directed the manner and operation for conducting the proceedings of the arbitration way forward,” it added.
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