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IRB Infra receives 75% of the Arbitration Award of Rs. 419 Cr from IRB InvIT Fund SPV IRB Pathankot Amritsar Toll Road Ltd.

Delhi, June 22, 2022: IRB Infrastructure Developers Ltd., has received Rs. 308 Crores towards part payment i.e., 75% of the total Arbitration Award from the National Highway Authority of India (NHAI). 

Commenting on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “We deeply appreciate the steps taken by the Cabinet Committee on Economic Affairs for providing interim cashflow access to developers in clear award scenarios till a final verdict is closed.” 

Earlier, pursuant to the measures approved by the Cabinet Committee on Economic Affairs (CCEA) for revival of construction sector, it had directed the Government Agencies to pay 75% of Arbitral Award amount against the Bank Guarantee where Government Agencies have challenged the Arbitral Award.