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Parsvnath Developers announced that the Development Agreement of the Company and its Associate Co. Parsvnath Rail Land Project (PRLPPL) with Rail Land Development Authority (RLDA) for implementation of its project at Sarai Rohilla-Kishanganj, New Delhi has been terminated and that disputes arising under the Development Agreement are pending adjudication before Arbitral Tribunals, where the Company and PRLPPL have claimed more than Rs. 1500 crore.
In one of the two Arbitral Proceedings, where the Company and PRLPPL had, inter-alia, sought an Award of Rs. 1034,53,77,913/-, has since resulted in the Hon'ble Arbitral Tribunal passing an Award , whereby the claim of Rs. 1034,53,77,913/- made by the Company and PRLPPL has been upheld and payment of the said amount has been directed to be made by RLDA along with interest @ 4% p.a. from 15 July 2015 till the date of payment.
The Company and PRLPPL are in consultation with its legal counsel for further course of action.
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