NHAI to seek conciliation with Jaiprakash Associates over ₹1,461 cr claims

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NHAI to seek conciliation with Jaiprakash Associates over ₹1,461 cr claims - Business Standard

Quick Summary:

"The company has submitted its claims amounting to Rs 1,461.63 crore on account of deployment of resources for removal of encroachment/ encumbrances within ROW, damages for delay in providing land, damages towards payment of revised minimum wages paid and additional cost incurred due to extended duration of the project," Jaiprakash Associates Ltd said in a regulatory filing.

In the ongoing dispute, Jaiprakash Associates has sought Rs 1,461.63 crore compensation for 'four laning of Varanasi Gorakhpur Section of NH-29 from Km 14B.000 to Km 20B.300 in Uttar Pradesh under NHDP Phase-IV on EPC Mode.

State-owned NHAI has decided to go for a conciliation process on the financial dispute with bankrupt Jaiprakash Associates Ltd concerning Varanasi Gorakhpur road projects.