Published On:February 24 2020
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NLC India Ltd. updates on arbitration award.

"In respect of the Arbitration Original Petition 29 of 2017 filed by NLC India Ltd with the District Court, Cuddalore of Tamilnadu against the Award passed by the Sole Arbitrator in the matter of sale of fertiliser plant of NLCIL to M/s Metro Machinery traders awarding of Rs. 125.50 Crores with interest@ 12% per annum with effect from 01.09.2006 till date of award i.e 14.12.2016, and the award shall carry interest@ 18% per annum from the date of the award till payment". The above petition has been dismissed by the above District Court vide its orders received on 21.02.2020 confirming the award passed by the Arbitrator". Aggrieved by the Order passed by the District Judge, the matter is being taken up with the High Court, Madras for challenging the said order along with a stay application."

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