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Punj Lloyd Wins Rs 54-Crore Arbitration In Case vs ONGC

1st Jan 1970 Punj Lloyd Wins Rs 54-Crore Arbitration In Case vs ONGC

Arbitrators consented to Punj Lloyd’s plea, seeking compensation for expenses incurred in laying a pipeline at Hazira for ONGC. They also accepted ONGC’s counter claims and asked Punj Lloyd to pay Rs 6 cr for an unutilised advance payment

An arbitral tribunal has awarded Rs 54 crore to Punj Lloyd in a dispute with state-run Oil & Natural Gas Corp. The award will likely help increase the attractiveness of the construction firm for financiers looking to fund litigations over its claims, in the hope of getting a slice of the recoveries.Arbitrators consented to Punj Lloyd’s plea, seeking compensation for expenses incurred in laying a pipeline at Hazira for ONGC. They also accepted ONGC’s counter claims and asked Punj Lloyd to pay Rs 6 cr for an unutilised advance payment.
An arbitral tribunal has awarded Rs 54 crore to Punj Lloyd in a dispute with state-run Oil & Natural Gas Corp. The award will likely help increase the attractiveness of the construction firm for financiers looking to fund litigations over its claims, in the hope of getting a slice of the recoveries.