MBL Infra wins Arbitration Award of Rs78.84 crore; Stock hits upper circuit

17 Mar 2022 , 03:25 PM

MBL Infra announced on Thursday that it has won the Arbitration Award of Rs78.84 crore against West Bengal Highway Development Corporation Ltd, for a Road project in the state of West Bengal.

The company stock was in demand on Thursday and towards close of trade MBL Infrastructures Ltd was trading at Rs29.40 per piece up by Rs1.4 or 5% (upper circuit) from its previous closing of Rs28 per piece on the BSE.

“The Learned Arbitral Tribunal comprising of Hon’ble Justice Asok Kumar Ganguly, Former Judge, Supreme Court of India, Presiding Arbitrator, Hon’ble Justice Aloke Chakrabarti, Former Judge, Calcutta High Court, Co-Arbitrator, and Hon’ble Justice J D Kapoor, Former Judge, Delhi Court, Co-Arbitrator, has passed majority award dated March 16, 2022 for a sum of Rs78.84 crore (including interest till March 16, 2022) plus further interest @8% p.a. till the payment of the award amount in favour of MBL Infrastructures Ltd against West Bengal Highway Development Corporation Ltd, for a Road project in the state of West Bengal,” company said in a filing on Thursday.

The minority award is for a sum of Rs186.64 crore plus further interest @8% p.a. till the payment of the award amount to the Company.

“With this award, the aggregate arbitration awards received value Rs185.92 crore including interest upto 31.03.22. The arbitration award is a result of our continued efforts for realization of our arbitration claims. We are hopeful of receiving more awards in various pending proceedings and shall continue our persuasion for realization of our dues which will further improve the overall liquidity and financial position of the Company. With the order of the Hon’ble Supreme Court and Hon’ble NCLT, the Resolution Plan has achieved finality and the Company shall get bank guarantees and documents for getting new projects, execution etc.

We shall now start bidding for selected new projects and with the impetus of the government on infrastructure projects which is core competency area of the Company, MBL expects to win new orders in near future”. said Anjanee Kumar Lakhotia, Chairman & Managing Director while addressing the officials of the Company.