GVK Power, HDIL Settle Claims In Mumbai International Airport’s Slum Rehabilitation Project
Shares of GVK Power and Infrastructure Ltd. and Housing Development and Infrastructure Ltd. rose as both companies entered into a settlement pact in the matter related to the implementation of a slum rehabilitation project near the Mumbai International Airport Ltd. (MIAL). Both companies have withdrawn the claims made against each other in the matter, they said in separate filings on the stock exchanges.
There will not be any liability claims or damages in future to either party with regard to the rehabilitation project, HDIL said in its filing.
Mumbai International Airport Ltd., a subsidiary of GVK Power, had entered into an agreement with HDIL in October 2007 for implementation of a slum rehabilitation project at the Chhatrapati Shivaji International Airport. Due to disputes between MIAL and HDIL, the agreement was subsequently terminated in February 2013, according to information from the filings of both companies.
HDIL challenged the termination and moved the Bombay High Court, pleading for interim relief against MIAL, which was rejected by the court. Later, HDIL moved the Supreme Court, which dismissed the plea as well, the GVK Power filing added.
In the meanwhile, an Arbitral Tribunal was set up to hear the matter, which during a hearing on July 25, 2016, urged both companies to settle the dispute.
Accordingly, the parties have signed a Settlement Agreement dated September 8, 2016 vide which they have irrevocably and unconditionally withdrawn all their respective claims and counter-claims respectively, against each other in the present arbitration proceedings.GVK Power Press Release
Shares of GVK Power rose 12 percent to Rs 7 after the announcement of the settlement.
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