Rashtriya Chemicals and Fertilizers Limited (RCF), a Government of India Undertaking, has informed the stock exchanges about a significant update on a long-standing litigation matter regarding the breakdown of two Gas Turbo Generators (GTGs).
The Hon'ble High Court of Bombay, vide its order dated December 9, 2025, has set aside the Arbitral Award that was previously passed in favor of RCF on June 5, 2023.
Key Details and Financial Impact
The arbitration was between RCF (Claimant) and M/s Thermax Limited (Respondent) concerning the recovery of damages and losses.
| Particulars | Details |
| Authority | Hon'ble High Court of Bombay. |
| Nature of Order | Set aside the Arbitral Award dated June 5, 2023, which was in favor of RCF. |
| Monetary Direction | RCF is directed to refund the entire amount of rs. 2,18,45,88,493/- (approximately rs. 218.46 crore) previously deposited by M/s Thermax Limited. |
| Interest Mandate | The refund must be made along with interest at the rate of 6% p.a.. |
| Financial Impact | The immediate financial impact is the liability to refund rs. 2,18,45,88,493/- plus 6% p.a. interest. |
| Relief Granted to RCF | The High Court granted RCF a period of four weeks to avail the appropriate remedy (i.e., appeal the order). |
The company received the order on December 9, 2025, at 19:14 p.m.. RCF has stated that it is currently reviewing the matter to determine the future course of action to protect the company's interests.