Adani Group unit Mumbai International Airport Ltd. has secured relief from an arbitration panel against the Airports Authority of India in the matter related to payment of the monthly annual fee during the Covid-19 period.
The unit is excused from making payment of the fee for the period from March 13, 2020, to Feb. 28, 2022, due to the existence of force majeure, an exchange filing said on Monday. The force majeure was invoked, citing operational disruption caused by the pandemic.
India went through a series of lockdowns in 2020 and 2021 to contain the Covid-19 pandemic, halting non-essential travel by road, rail and air. The lockdowns were subsequently lifted in a phased manner.
Accordingly, the arbitral tribunal decided that the amount paid by Mumbai International Airport to AAI should be refunded, along with interest.
Further, there shall be an extension of the term of the operation, management, and development agreement for the same period.
The award may be challenged by AAI within three months, in which case MIAL will appropriately defend the matter, the airport operator said.
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