Ganesh Benzoplast’s subsidiary receives favorable arbitration award
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Ganesh Benzoplast’s subsidiary receives favorable arbitration award

Under this award, ILSL will get its counter claim for sum of Rs. 19, 09, 51,545

  • By ICN Bureau | February 01, 2024

Infrastructure Logistic Systems Limited (ILSL) a subsidiary company of Ganesh Benzoplast Limited has received an Arbitration award in its favor, in the arbitration matter going on with Indorama Synthetics (I) Ltd.

The Arbitration was filed by Indorama in October 2015, ILSL also filed counter claim against Indorama for not honoring the terms of the Transportation Agreement entered on August 27, 2012, from JNPT Port to Nagpur/butibori rail sliding by Railway tankers. The order was passed by arbitral tribunal in favor of ILSL by partial admitting the counter claim filed by the company and directed the Indorama to pay as under:

Under this award, ILSL will get its counter claim for sum of Rs. 19, 09, 51,545. Out of the above amount, the amount of Rs. 10, 20, 79,263shall carry future interest of 12% per annum from the date of award till date or realization.

 


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