Updated: Fri, 17th Feb. 16:39:50
(ShareCast News) - Noida Toll Bridge Company announced on Friday that it initiated arbitration proceedings against New Okhla Industrial Development Authority (NOIDA) under the terms of Article 26.1 of its concession agreement.
The AIM-traded firm said the arbitration notice was delivered by the company to NOIDA on 14 February.
Noida Toll Bridge had been blocked by a court from collecting tolls, and thus revenue, on the bridge it was contracts to construct and operate last October.
It said the notice was issued around its claims that NOIDA had failed to discharge its obligations under the concession agreement, upon occurrence of a change in law and place the company in substantially the same legal, commercial and economic position as it was prior to the change in law.
Noida Toll Bridge also claimed NOIDA made misrepresentations that falsely induced the company to enter into and perform the project contracts and financing agreements and construct, finance, operate and maintain the project facilities.
NOIDA was accused of intentionally breaching certain "fundamental express representations and warranties" under the concession agreement, as well as various other obligations.
The company said NOIDA also continued to default in granting "development rights" to the company in accordance with the provisions of the concession agreement.
"The arbitration panel under the terms of Article 26.1 of the concession agreement will have to be constituted and thereafter the company shall submit its claim against NOIDA before the arbitration panel so constituted," Noida Toll Bridge's board said in a statement.
"The arbitration proceedings are separate and independent of the appeal filed by the company before the Supreme Court of India against the said judgement of the High Court of Allahabad dated 26 October in the case of Federation of Noida Residents Welfare Association v. NTBCL."
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