NHAI Triumphs in Arbitration: Secures Rs 819.96 Crore Settlement
The National Highways Authority of India (NHAI) successfully concluded two arbitration cases, securing a settlement of Rs 819.96 crore. These cases, linked to the NH-44 project dispute, involved significant financial claims both from concessionaires and NHAI, with rulings largely favoring the state-owned entity.
The National Highways Authority of India (NHAI) recently emerged victorious in two major arbitration cases, securing a settlement award of Rs 819.96 crore. The cases revolved around disputes related to the Panipat-Jalandhar section of the NH-44 project.
The arbitration focused on alleged termination payments, compensation for lost toll revenue, and prolongation costs. Initially, claims exceeding Rs 8,375 crore were brought against NHAI, while the authority counterclaimed for Rs 2,888.64 crore.
Through meticulous hearings and thorough analysis of contracts and evidence, the Arbitral Tribunal largely ruled in favor of NHAI. This outcome underscores NHAI's commitment to safeguarding public funds and ensuring accountability in national highway projects.
(With inputs from agencies.)
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