The Arbitrator has rejected claims of MPT and has passed an order in favour of the company.
Ganesh Benzoplast Ltd has received an arbitration award, in its favour, in the Arbitration matter going on with Mormugao Port Trust (MPT), as disclosed under the Contingent Liabilities of the Company. In the arbitration proceedings, the company has filed its claims, for enhanced lease rentals by MPT and delay in handing over the land to the company, which consequently escalated the project cost and delayed the completion of the project at Goa Terminal, for which the MPT also filed its counterclaims.
The Arbitrator has rejected claims of MPT and has passed an order in favour of the company. As per the order, the company is entitled for an amount of Rs. 7.66 crores out of the various claims filed by the company under the arbitration. Apart from this, the Company is also entitled for simple interest @ of 12% p.a on excess lease rental paid by the company to MPT over that period.
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