New Delhi: IL&FS Engineering Services has initiated arbitration proceedings against state-run National Highways Authority of India (NHAI) for a project that it secured in 2014 for the four-laning of Patna-Gaya-Dhobi section of NH-83 in Bihar. The company has approached the Arbitration Tribunal to “secure its contractual rights and obligations” for NHAI’s failure to provide encumbrance-free land parcels for the execution of the project, the company told the bourses in a regulatory filing on Saturday.
“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 (NHAI), Ministry of Road Transport & Highways, Government of India to secure its contractual rights and obligations with respect to Four Lanning of Patna-Gaya-Dhobi section of NH-83 from km 0.000 to km 127.217 in the State of Bihar(Project),” said IL&FS.
“The arbitration is primarily, inter alia, NHAI’s failure to provide encumbrance free land parcels for execution of Project. The Hon’ble Arbitral Tribunal at the first hearing has directed the manner and operation for conducting the proceedings of the arbitration way forward,” said the regulatory filing.
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