Highways developer IRB Infrastructure Developers Ltd on Wednesday said it has received Rs 308 crore out of the total claim of Rs 419 crore from IRB Pathankot Toll Road Ltd (IPATRL).

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This comes after IPATRL won an arbitration award against the National Highways Authority of India (NHAI) last year. IRB Pathankot Toll Road, an SPV under IRB InvIT Fund, manages the Pathankot Amritsar Highway Project.

The company received Rs 308 crore against a total arbitration claim of Rs 419 crores towards delay in completion of the project for reasons not attributable to the SPV, it said.

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Commenting on the development, Virendra D Mhaiskar, chairman & managing director, IRB Infrastructure said, "We deeply appreciate the steps taken by the Cabinet Committee on Economic Affairs for providing interim cashflow access to developers in clear award scenarios till a final verdict is closed."

He further added, "Huge opportunities are lined up in the sector and we look forward to participating and investing in the same to our best capabilities."

Earlier, pursuant to the measures approved by the Cabinet Committee on Economic Affairs (CCEA) for the revival of the construction sector, it had directed the government agencies to pay 75 percent of the arbitral award amount against the bank guarantee where government agencies have challenged the arbitral award.

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In July 2021, the IPTRL had won the arbitration award of 518 days extension in the concession period and Rs 419 crore (including Interest) towards the delay in completion of the construction of the project on account of the reasons not attributable to the company.

The NHAI had challenged the decision before Delhi High Court. The Delhi High Court, while upholding the Arbitral Tribunal’s decision, had directed the NHAI to release 75 percent of the arbitration award to the company.

Shares of IRB Infrastructure Developers Ltd ended at Rs 185.70, down by Rs 6.60, or 3.43 percent on the BSE.