SPML
SPML Infra Limited has secured several Arbitration Awards of a cumulated amount of ₹712 Crore for the projects from different clients in India.

It is well established that due to good corporate governance and proper claim management with digitally stored records and documents, the company is highly capable of converting most of the project claims into awards. From the historical track record and based on the various studies conducted on the subject by the Company and different stakeholders, including lenders, SPML Infra expects higher realization of its claims, however, the Lenders have conservatively considered the realization of ₹1,076 Crore from Claims & Awards over a period of time in the on-going debt resolution plan, in-principally agreed by them. It gives reasonable clarity to the lenders for recovering their sustainable & unsustainable debts significantly much before the time being considered in the Resolution Plan.

Out of the aforesaid ₹712 Crore, there is clarity on ₹287 Crore which has been partly received by the Company at its bank account and also deposited with the court. The Company also expects further deposit of sizeable amounts as per the directions of the Courts. The aforesaid ₹287 Crore and such further amounts as deposited at Courts and realized by the Company will be used for the reduction of debts of the lenders.

Subhash Sethi, Chairman, SPML Infra Ltd. commented, “The arbitration awards are encouraging and we are really pleased that our project claims have been upheld in the arbitration process. The arbitrators have issued the orders on merits. Sometimes, the delays in land acquisitions, drawing approvals and unforeseen changes in contractual conditions with other pressing issues make it difficult for the construction companies to execute the projects. We are very hopeful that our contract claims will be substantiated in future as well and with the proactive approach of our government, I anticipate that the arbitration process in our country will be streamlined with the amendment of the Arbitration and Conciliation Act, and there should be a set limit of time to complete the exercise and grant the genuine claims to the contractors. The revised timelines as stipulated in the amendment of the Act gives clear visibility to Company to realise the amount of claim through arbitration. It shall also help to settle the dues of the lenders much before the time estimated in the resolution plan and will help improve the realization value to the Lenders. However, the Company always prefers to settle the matter with mutual discussion with its clients.”
The union minister for road transport and highways has approved ₹15,700 crore for rail and road infrastructure in Uttar Pradesh. MoRTH has

Read more ...

The Telangana Urban Finance and Infrastructure Development Corporation Limited (TUFIDC), a wing of the MAUD with the primary focus in the implementation

Read more ...

Prime Minister Narendra Modi has laid the foundation stones of Rs 21,000 crore development projects in Gujarat. The newly inaugurated ₹16,000

Read more ...

The Prime Minister has laid the foundation stones of multiple rail and road infrastructure projects involving ₹27,000 crores. The projects include

Read more ...

Delhi Transport Corporation (DTC) and Delhi Metro Rail Corporation (DMRC) have signed a Memorandum of Understanding (MoU) for the development of

Read more ...

The ability to cut CO2 footprint by 25% by factory-based precast concrete production has the potential to save billions of tons of CO2 being emitted each

Read more ...

KEC International Ltd., an RPG Group Company, has secured new orders of ₹1,092 crores across its various businesses. Its Transmission & Distribution

Read more ...

Haryana government has targeted ₹4,800 crore investment in creating modern infrastructure in the Global City, stretching across an area of 1,003-acre in

Read more ...

Himachal Pradesh government has started the construction of vital infrastructure along the 240-km long border with China largely in 210 villages in

Read more ...

NBCC has fast-tracked the construction work on the city’s first integrated development under the transit-oriented development norms at East Delhi

Read more ...

The Union Ministry of Road Transport and Highway has floated a tender of over ₹750 crore for four/six laning of a 12km-long stretch of NH10 (earlier NH 31)

Read more ...

Welspun Corp Ltd. (WCL) and Tata Steel Ltd. have signed an MoU to work together towards developing the framework for and manufacturing Green Pipes for the

Read more ...

The Pune Municipal Corporation has approved the construction of a multimodal transit hub project in Balewadi where the civic body will integrate various

Read more ...

Telangana government has provided financial assistance of ₹2,062 crore to 142 urban local bodies (ULBs) under the ‘Pattana Pragathi’ program. State minister

Read more ...

NCC has bagged three contracts involving ₹6,388 crore investment under its buildings division. The largest contract has been awarded by Municipal

Read more ...

RITES has signed a memorandum of understanding (MoU) with the Planning & Program Implementation Department, Government of Mizoram, to explore

Read more ...

Union Finance Minister Nirmala Sitharaman has informed that the Centre is implementing multiple rail, road and air connectivity projects worth ₹1,34,200 crore

Read more ...

TK Elevator has launched its flagship building operations platform MAX in India. MAX brings cloud-based maintenance data and insights to building operations

Read more ...

Sany has unveiled 22 new products which are exclusively designed for the application in India, while keeping Indian customer requirements in mind. This reflects into company’s deep understanding of the Indian market and customer

Read more ...

The Central government has plans to build infrastructure and industrial projects with an investment of ₹100 lakh crore, said V K Singh, Minister of State for Road Transport & Highways, during his inaugural address at CII EXCON in Bangalore

Read more ...

×
Sign-up for Free Subscription
'India Construction Week'
Weekly e-Newsletter on Construction Industry
Get the latest news, product launches, projects announced / awarded, government policies, investments, and expert views.