RailTel Corporation of India Limited has received an Arbitral Tribunal award concerning its arbitration with M/s Rajcomp Info Services Ltd (RISL). Out of RailTel’s claim of ₹94 crore, the arbitrator awarded ₹13 crore in favour of RailTel. Conversely, from RISL’s counter-claim of ₹313 crore, the award was ₹5 crore in favour of RISL. This results in a net differential payment of ₹8 crore from RISL to RailTel, plus interest and GST.
Arbitration Award Details
In continuation of its previous correspondence, RailTel Corporation of India Limited has announced the passing of an Arbitration Award by the Arbitral Tribunal in the matter of arbitration between RailTel and M/s Rajcomp Info Services Ltd (RISL). This award brings resolution to a significant ongoing litigation.
Claim and Counter-Claim Outcome
The Arbitral Tribunal has ruled on the claims presented. For RailTel’s claim amount of ₹94 crore, the arbitrator has awarded ₹13 crore in favour of RailTel. In relation to the counter-claim by RISL amounting to ₹313 crore, the arbitrator has awarded ₹5 crore in favour of RISL.
Net Financial Impact
Consequently, RISL will be required to pay a differential amount to RailTel. This amount is calculated as ₹8 crore (₹13 crore awarded to RailTel minus ₹5 crore awarded to RISL), along with applicable interest and Goods and Services Tax (GST).
No Other Material Litigation
In other litigation categories, there are no changes to report regarding key management personnel or promoter involvement, nor any settlements reached in other proceedings.
Source: BSE
