Arbitral tribunal awards Triveni Engg INR 550 mln, junks Punjab agency claim
This story was originally published at 11:27 IST on 5 February 2025
Register to read our real-time news.Informist, Wednesday, Feb. 5, 2025
NEW DELHI - An arbitral tribunal has awarded INR 550 million (including interest payments) to Triveni Engineering & Industries Ltd. and rejected counter claims of INR 1.17 billion by Superintendent Engineer, Punjab Water & Supply and Sewerage Board in a case pertaining to civic works in Bathinda, Punjab. In addition, the tribunal said that the Punjab sewerage board would release the performance bank guarantee, security deposit and retention amount, as per the entitlement at the time of closure of contract.
Triveni Engineering was awarded a contract by the Punjab board for supply, erection, commissioning, operation and maintenance of water supply and the sewerage system at Bathinda. However, due to non-availability of fronts, drawings and other approvals, the completion of the work was delayed.
Citing delay, the Punjab board sought liquidated damages from Triveni Engineering and withheld the running account bills payments to the company, in addition to the contractual retention of monies. Consequently, Triveni Engineering filed a petition in the Punjab and Haryana High Court to appoint an arbitrator for the dispute between the parties.
After the appointment of the sole arbitrator, Triveni Engineering filed claims aggregating to INR 1.29 billion against the Punjab board. Countering this, the Punjab board filed claims of INR 1.17 billion against Triveni Engineering.
At 1124 IST, shares of Triveni Engineering & Industries Ltd. were down 0.6% at INR 377.60 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Vandana Hingorani
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
