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Corporate News
18-Aug-22
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Ashoka Buildcon's subsidiary hands over Katni Bypass Road project
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Ashoka Buildcon announced that its subsidiary viz. Ashoka-DSC
Katni Bypass Road (SPV) is implementing the Project viz. 'To carry on the business of building, erection, construction, developing, maintaining and operation of the Infrastructure project of Roads and Bridges of Katni Bypass on N.H. 7 from km. 361/2 to 378/6 around Katni town in the State of Madhya Pradesh in India on BOT basis or any other basis as per various rules and regulations on behalf of MORT&H and State PWD, MP'
(the Authority).
The SPV has handed over the Project back to the Authority on 18 August 2022 at 00.00 hours at midnight, after the expiry of the Concession Period successfully as per the terms of the Concession Agreement and as per the claims awarded by Arbitral Tribunal and interim Orders of Hon'ble High Court of Delhi.
The toll income of the same is not recognized as Revenue since the matter is sub-judice from 17 September 2014.
The SPV will continue to pursue its pending claims of the Project with the Authority through conciliation mode for settlement.
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