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BusinessWire India
Mumbai (Maharashtra)/ New Delhi [India], September 20: Cyril Amarchand Mangaldas advised and represented SEIL Energy Private Limited (SEIL) in arbitration proceeding initiated against it by NCC Limited (NCC), on disputes arising out of EPC contracts aggregating to Rs 2557 crore. In a significant order, the arbitral tribunal allowed claims of Rs 700 crore against NCC, while accepting claims of Rs 101 crore against SEIL. The orders that analyzed and addressed significant legal issues pertaining to extension of time claim, imposition of liquidated damages in alleged case of concurrent delays by both employer and contractor.The Disputes Practiceof Cyril Amarchand Mangaldas advised on the matter.The matter was led byKapil Arora, Partner;with support fromManjula Baxla,Principal Associate;Aditi Tambi,Principal Associate;Palak Nagar,Senior Associate;Prashasthi Bhat,Associate.Arbitration was initiated against SEIL by its contractor NCC, on account of disputes arising out of EPC contracts for construction of a 1320 MW thermal power plant in Nellore, Andhra Pradesh. NCC had filed claims for total value of about Rs 1557 crore, out of which claim for about Rs 1456 crores was rejected by the Arbitration Tribunal, and an award of Rs 101 Crores was passed in favour of NCC, with interest and cost. SEIL had filed counter-claims to the tune of Rs 1000 crores + USD 9.04 million, out of which counter-claims to the extent of about Rs 700 crore was allowed by the arbitration tribunal. The date oftheaward was 14thSeptember 2023. (ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)
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