Infrastructure company Punj Lloyd today informed the Bombay Stock Exchange that its wholly-owned United Kingdom based subsidiary - Simon Carves (SCL) - has launched legal proceedings in UK based courts against SABIC Petrochemicals UK Ltd .
The move is aimed at seeking “restitution” of performance and advance payment bank guarantees worth 28.5 million Pound Sterling , which as been called by SABIC, alleging that SCL could not complete a project on time. SABIC had recently terminated a contract with SCL for construction of a LDPE plant in UK.
In the letter to BSE, Punj Lloyd also said that the project is ‘significantly’ complete and was on track to be fully completed in accordance with the contract.