MBL Infra gets DRB recommendation for Rs 531 cr
Dec 15, 2020
New Delhi [India], December 15 : The dispute review board comprising of three independent members has unanimously recommended Rs 530.73 crore plus interest at the rate of 10 per cent per annum till the payment of amount in favour of MBL Infrastructures Ltd for one of its completed projects of National Highways Authority of India (NHAI).
The company said it has received various DRB recommendations, arbitration awards and court orders aggregating to Rs 599.21 crore plus interest since the approval of resolution plan.
"We are pursuing dispute resolution, arbitration, conciliation and litigation proceedings in all matters for realisation of our receivables and there has been significant progress," said Chief Financial Officer DS Negi.
"The company has obtained completion certificates for 10 public interest projects since the approval of resolution plan. With the completion of these projects, the company's bidding capacity has enhanced," he said in a statement on Tuesday.
Negi said the company will undertake new projects on implementation of the resolution plan by banks.
MBL is engaged in the execution of roads and highways projects on engineering, procurement and construction (EPC) and build, operate, transfer (BOT) basis.
