Reliance Infra wins ₹526-crore arbitration award against Aravali Power
on Wednesday said it has been awarded an
arbitration award
of
₹526 crore
against
Aravali Power Company
(APCPL) for the wrongful termination of a contract, reports The Economic Times.
The dispute dates back to 2018 when Reliance Infra initiated arbitration proceedings after APCPL terminated the contract. According to a company statement, the funds from this award will be used for 'capital growth'.
A three-member arbitral tribunal, in a majority decision, ruled that APCPL's termination of the contract was illegal, invalid and wrongful. The tribunal partly allowed Reliance Infra's claims for damages and costs incurred as a result of the termination.
The announcement comes amidst a separate legal battle between the two companies. On July 1, the Delhi High Court sought a response from Reliance Infra regarding a petition filed by Aravali Power.
This petition is aimed at enforcing a separate ₹600-crore arbitral award that Aravali Power had won against the Anil Ambani-led firm in December of the previous year.
The case also stemmed from a contract breach allegation by Aravali Power, which led to a notice of termination and the invocation of arbitration in 2018.
In that instance, a Supreme Court-appointed three-member arbitral tribunal granted Aravali Power a principal amount of ₹419 crore, along with ₹5 crore in costs and ₹149 crore in interest.
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