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Roadways Industry News

Ashoka Buildcon SPV hands back disputed Andhra project

Monday 22nd Aug 2022    235
Ashoka Buildcon SPV hands back disputed Andhra project
 

Ashoka-DSC Katni Bypass Road, a special-purpose vehicle of Ashoka Buildcon, implements a project "to continue the construction, construction, construction, development, maintenance and operation" of the road and bridge infrastructure project of Katni Bypass on NH 7 around the town of Katni in Madhya Pradesh on a BOT basis "or any other basis under various rules and regulations on behalf of MORT&H and State PWD, MP (the Authority)".

The SPV successfully returned the project to the Authority on August 18, after the expiry of the concession period, under the terms of the concession agreement and according to the claims awarded by the arbitral tribunal and preliminary orders of the Delhi High Court.

The toll revenues from this are not recognized as revenues as the case is under court as of September 17, 2014.

The SPV will continue to pursue its pending claims of the project with the Authority through settlement mediation.

 
 
 
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