Anil Ambani Group’s Reliance Infrastructure Limited said it won an arbitration award of Rs 292 crore against Government of Goa.
The Arbitration Tribunal, in its award on February 16, 2018, ordered Government of Goa to pay Rs 292 crore to Reliance Infrastructure Limited by April 15, 2018, it said.
“The need for arbitration arose due to prolonged non-payment of dues by the Goa Government towards supply of electricity by Reliance Infrastructure Limited from its 48 MW Goa Power Plant in Sancoale,” Reliance Infrastructure said.
The total outstanding dues along with interest as on October 31, 2017 amount to Rs. 278 crore.
The Tribunal has also awarded Reliance Infrastructure interest from October 2017 till the date of the Award, which amounts to Rs 14 crore.
The tribunal rejected the contention of Goa Government that the rated capacity of the plant was to be downrated from the second year of operation for calculation of fixed charges since the parties had already agreed against down-rating in 2007, the company said.
The contention of Reliance Infrastructure Limited that the rate of energy for the period from June 2013 to August 2014 was based on the varying prices of fuel and dollar exchange rate was upheld by the Tribunal, it added.
The Tribunal has also ordered payment of interest at 15% P.A on the total award amount if Government of Goa fails to pay the entire award amount by the deadline.
The tribunal was constituted by Joint Electricity Regulatory Commission under the new rules laid down in 2015.
The proceedings of the tribunal were held for about two years starting in January 2016, and all pleadings and arguments by both the parties were completed in 12 sittings.