PSP Projects' Hearing on Arbitration Petition Adjourned

MT Newswires Live01-20

The hearing on PSP Projects' (NSE:PSPPROJECT, BOM:540544) petition against the encashment of 246 million Indian rupees in mobilization bank guarantees by the Superintendent Engineer, Bareilly, and others has been adjourned to Monday, Jan. 20, due to the absence of the respondents' advocates, the company said in a Saturday filing with the Indian bourses.

The petition, filed before the Commercial Court, Lucknow, stems from a dispute over the termination of PSP Projects' contract to build a residential building in Badayn, Uttar Pradesh.

The company contends that the termination was unjustified, lacked consideration of its explanations, and violated principles of natural justice.

PSP Projects said the encashment would not significantly impact its finances as 178.7 million rupees of the mobilization advance was already retained.

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