MBL Infrastructure on Wednesday said that the arbitral tribunal has, by 2:1 majority, passed an award on Tuesday in its favour for a sum of ₹5.91 crore, along with interest at the rate of 12 per cent per annum, as per banking norms (which amount to ₹6.33 crore) against Telecommunications Consultants India Ltd (TCIL) in respect of construction of 144 Type-V and 24 Type-VI houses in the campus of Rajiv Gandhi Thermal Power Project at Khedar in Hisar, Haryana. A deposit with the Registry of Delhi High Court of ₹1.61 crore plus interest accumulated thereon has also been allowed to be released. TCIL has also been directed to release a bank guarantee of ₹0.60 crore and pay the cost of arbitration proceedings of ₹0.58 crore. Shares of MBL Infrastructure closed 1.2 per cent higher at ₹4.25 on the BSE.
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