MBL Infra update on Arbitration award / Court Order

The Hon'ble High Court of Delhi by order dated 12.02.2021 has upheld the majority Arbitration award dated 28.01.2020, against M/s Telecommunications Consultants India Ltd (TCIL) in respect of construction of 144 Nos Type V and 24 Nos Type VI Houses in Campus of Rajiv Gandhi Thermal Power Project at Khedar in Hisar District, Haryana, with partial modification. The net amount receivable in terms of the arbitration award/Court Order has been worked out as Rs 10,56,47,876/- as on 15.02.2021 with further interest accruing @12% p.a. compounded with monthly rests till receipt of the amount.

"The Company has received various ORB recommendations / arbitration awards / court orders aggregating to Rs 599.21 crores plus interest since the approval of the Resolution Plan. We are pursuing Dispute Resolution / arbitration / conciliation / litigation proceedings in all matters for realization of our receivables and there has been significant progress.

The Company has obtained completion certificates for 10 public interest projects since the approval of the Resolution Plan. With the completion of these projects the bidding capacity of the Company has enhanced. The Company will undertake new projects on the implementation of the Resolution Plan by the banks." said Mr. D S Negi, CFO while addressing the officials of the Company.

Shares of MBL Infrastructures Ltd was last trading in BSE at Rs.19.05 as compared to the previous close of Rs. 19. The total number of shares traded during the day was 9337 in over 54 trades.

The stock hit an intraday high of Rs. 19.35 and intraday low of 18.7. The net turnover during the day was Rs. 177276.

Source : Equity Bulls

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