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₹1,891 cr award against NTPC quashed
Mint Mumbai
|February 04, 2025
In a relief for state-run power company NTPC Ltd, Delhi High Court has set aside an arbitral award that directed the company to pay ₹1,891 crore to Jindal Infralogistics Ltd (Jindal ITF), an O.P. Jindal Group firm.
A single-bench order, passed on 30 January, found the award to be "patently illegal and perverse", lacking a proper basis for the quantification of damages. "The award is so perverse, it has to go in totality," the court said while striking it down.
Jindal Infralogistics, a subsidiary of Jindal SAW Ltd, said in an exchange filing on Monday that it plans to challenge the verdict before a division bench of the high court.
The dispute stemmed from a 2011 tripartite agreement involving NTPC, Jindal Infralogistics, and the Inland Waterways Authority of India (IWAI) for the transportation of coal via National Waterway 1 to NTPC's Farakka thermal power plant in West Bengal.
This story is from the February 04, 2025 edition of Mint Mumbai.
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