Om Metals Infraprojects to receive arbitration award of Rs 44.5 crore

For project Tapovan Vishnugarh of NTPC at Uttranchal

Om Metals Infraprojects announced that in arbitration proceedings no. 01/2016 for the project of Tapovan Vishnugarh of NTPC at Uttranchal, India the arbitral tribunal awarded and published the arbitration award for a sum of Rs. 44.5 crore in favour of Om metals Infraprojects for outstanding claims arising out of the EPC contract for H M work towards project delay. The claim of award shall carry interest @9.25% p.a from the award date till the actual date of realization.

Om metals as an accounting practice shall account for this claim in its books of accounts on cash basis and not on accrual basis.

 

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