Dilip Buildcon had invoked arbitration against the National Highways Authority of India (NHAI) seeking certain relief as eligible to it on account of various delays and breaches committed by the NHAI during execution of the construction of Rehabilitation and Upgradation of Kerala Border to Kollegala Section of NH 212 Km 136.600 to Km 268,475 -excluding Km 239.600 to Km 241.520 in the State of Karnataka to two lane with paved shoulders/Four lanes under NHDPIVA on EPC basis awarded under EPC agreement dated: 06 June 2014.
The financial implication of the award is in tune of Rs. 46 Crore 9 Lacs (inclusive of interest up to date of the award). Pursuant to the Award, NHAI is liable to pay the Dilip Buildcon the said amount forthwith.
In the event NHAI fails to pay the said amount an interest at a rate of 2 percent above the SBI base rate calculated at quarterly rests shall be levied on NHAI till the date of payment of the principal awarded amount.The award may be challenged by the National Highways Authority of India in accordance with the provisions of Arbitration and Conciliation Act 1996, in which case Dilip Buildcon will appropriately defend the matter.
