IRCON International faces arbitration claim of Rs 158.89 crore from Conarch Associates
IRCON International faces Rs 158.89 crore arbitration claim by Conarch Associates over supply and stacking of 50mm Pakur variety track ballast for Jaynagar-Bardibas railway project (Km 34+800 to Km 52+336) in Nepal.
On Friday, March 21, railway-supported engineering and construction company, IRCON International LTD stated it is under arbitration claim of Rs 158.89 crore made by Conarch Associates.
Covering the segment from "Km 34+800 to Km 52+336," the issue concerns the supply and stacking of 50mm Pakur variety machine crushed track ballast for the Jaynagar-Bardibas railway project in Nepal.
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According to the filing made, M/s Conarch Associates has initiated the claim against the company in Arbitral tribunal in connection with the supplying and stacking of 50mm size Pakur Variety Machine Crushed Track Ballast for New BG Line from Jaynagar (India) to Bardibas (Nepal) Railway Project for Nepal portion only from Km 34+800 to Km 52+ 336.
Read Also : RITES Ltd receives work order from Mahanadi Coalfields for Rail ConnectivityThe claims cover GST penalties, release of retention money, a lien on performance bank guarantee, loss of profit and goodwill compensation, and outstanding bills.
As of March 20, 2025 the case is under initiation before the Arbitral Tribunal. According to IRCON, the financial impact will rely on the claims' ultimate determination. On the BSE, IRCON International Lt's shares ended at Rs 160.15, up by Rs 0.50, or 0.31%.
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