In a major setback to the NHAI, the Delhi High Court has upheld an arbitral award that asked it to pay Rs 142 crore to PNC-BEL (JV), a joint venture of PNC Infratech (PNC) and Bhageeratha Engineering. Justice Navin Chawla, while dismissing the NHAI’s appeal against last September’s arbitral award, asked the authority to release the award money of Rs 142 crore to PNC-BEL (JV) by mid-July.
Pursuant to the HC’s directions, the NHAI had deposited the award money in the court on January 25. “Subject to any other order being passed by a competent court, the deposited amount with interest accrued thereon be released” in favour of the JV, the judge stated in its May 24 order.
