{"id":296620,"date":"2019-10-17T11:50:23","date_gmt":"2019-10-17T06:20:23","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=296620"},"modified":"2019-10-17T11:57:57","modified_gmt":"2019-10-17T06:27:57","slug":"punj-lloyd-wins-rs-54-crore-arbitration-in-case-vs-ongc","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/punj-lloyd-wins-rs-54-crore-arbitration-in-case-vs-ongc\/","title":{"rendered":"Punj Lloyd wins Rs 54-crore arbitration in case vs ONGC"},"content":{"rendered":"<p>MUMBAI: An arbitral tribunal has awarded Rs 54 crore to Punj LloydNSE -5.26 % in a dispute with state-run Oil &amp; Natural Gas Corp. The award will likely help increase the attractiveness of the construction firm for financiers looking to fund litigations over its claims, in the hope of getting a slice of the recoveries.<\/p>\n<p>Two out of three arbitrators consented to Punj Lloyd\u2019s plea, seeking compensation for various expenses incurred in carrying out a pipeline contract at Hazira for ONGC. The panel, on a majority ruling, also accepted ONGC\u2019s counter claims and asked Punj Lloyd to pay Rs 6 crore to the oil and gas company for an unutilised advance payment.<\/p>\n<p>The Atul Punj-led engineering procurement and construction (EPC) company owes more than Rs 12,000 crore to lenders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUMBAI: An arbitral tribunal has awarded Rs 54 crore to Punj LloydNSE -5.26 % in a dispute with state-run Oil &amp; Natural Gas Corp. The award will likely help increase the attractiveness of the construction firm for financiers looking to fund litigations over its claims, in the hope of getting a slice of the recoveries. Two out of three arbitrators consented to Punj Lloyd\u2019s plea, seeking compensation for various expenses incurred in carrying out a pipeline contract at Hazira for ONGC. The panel, on a majority ruling, also accepted ONGC\u2019s counter claims and asked Punj Lloyd to pay Rs 6 [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,191,136],"tags":[],"class_list":["post-296620","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/296620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=296620"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/296620\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=296620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=296620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=296620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}