Reliance Infrastructure wins Rs 292 cr arbitration award against Goa government
It said the need for arbitration arose due to prolonged non-payment of dues by the state government towards supply of electricity by RInfra from its 48 MW Goa Power Plant in Sancoale
New Delhi: Reliance Infrastructure Ltd (RInfra) on Monday said it has won an arbitration award of Rs 292 crore against the Goa government for non-payment of electricity dues.
It said the need for arbitration arose due to prolonged non-payment of dues by the state government towards supply of electricity by RInfra from its 48 MW Goa Power Plant in Sancoale.
"RInfra has won an arbitration award of Rs 292 crore against Government of Goa. The Arbitration Tribunal, in its award on 16 February, 2018, has ordered Government of Goa to pay Rs 292 crore to Reliance Infrastructure Limited by 15 April, 2018," the company said in a statement.
The Tribunal has also ordered payment of interest at 15 percent per annum on the total award amount if the government fails to pay the entire award amount by the deadline, it said.
The Joint Electricity Regulatory Commission had constituted the Tribunal under the new rules laid down in 2015.
"Starting in January 2016, the proceedings of the tribunal were held for about two years and all pleadings and arguments by both the parties were completed in 12 sittings," it said.
RInfra said the total outstanding, along with interest as on 31 October, 2017, amount to Rs 278 crore. The Tribunal has also awarded interest from October 2017 till the date of the award, which amounts to Rs 14 crore.
"The contention of RInfra that the rate of energy for the period from June 2013 to August 2014 was based on the varying prices of fuel and dollar exchange rate as was agreed to by the Goa Government, was upheld by the Tribunal," the company said.
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