Gwalior Bypass Project wins Rs 500 crore arbitration case against NHAI
Updated : August 23, 2018 02:02 PM IST
GBPL claimed that the NHAI failed to adhere to the concession agreement on constructing the 42 km four-lane bypass project on the national highway.
GBPL was awarded the project, in 2006, on a semi annuity amount at Rs 26.53 crore on which the parties executed a concession agreement in October, that year.
After the concession agreement was breached, the two parties settled down to draft two more supplementary agreements, which GBPL claimed that the NHAI again failed to adhere to the agreement which consisted mainly of NHAI handing over of the land and passing the Right of Way.