PSP Projects Ltd updates on arbitration

PSP Projects Ltd has filed a Commercial Arbitration Appeal (L) 8341 of 2022 in the matter of Section 37 of the Arbitration and Conciliation Act, 1996, before the Hon'ble High Court of Judicature at Bombay in its Commercial Division on April 04, 2022 against the Impugned Order in Miscellaneous CMI Application No. 239 of 2021 passed by the Hon'ble District Court at Thane, whereby the Hon'ble District Court has rejected company's application to prevent en cashing and invoking of the Bank Guarantee.

The Company sought that the Impugned Order in Miscellaneous Civil Application No. 239 of 2021 passed by the Hon'ble District Court at Thane be quashed and set aside.

Pending the hearing and final disposal of the Arbitration Appeal, the BNMC by an order and injunction of the Hon'ble Court be prevented from encashing and invoking Bank Guarantee.

In case, if the company does not succeed in getting the order of Injunction, the company believes that BNMC may encash and invoke the guarantee of Rs. 6.73 crores.

The matter was mentioned in the Commercial Division of the Hon'ble High Court of Judicature at Bombay on April 04, 2022 and the same is adjourned and scheduled to be held on April 06, 2022. The appeal as mentioned hereinabove is filed against the Impugned Order passed by the Hon'ble District Court at Thane in Miscellaneous CivilApplication No. 239 of 2021.

Shares of PSP Projects Limited was last trading in BSE at Rs. 562.55 as compared to the previous close of Rs. 550.60. The total number of shares traded during the day was 17654 in over 1527 trades.

The stock hit an intraday high of Rs. 569.35 and intraday low of 552.25. The net turnover during the day was Rs. 9918387.00.

Source : Equity Bulls

Keywords

PSPProjects INE488V01015 CommercialArbitrationAppeal