PSP Projects Faces Setback as Performance Bank Guarantees Encashed

MT Newswires Live01-22

PSP Projects (NSE:PSPPROJECT, BOM:540544) said 80.2 million in performance bank guarantees was encashed by the superintendent engineer, Bareilly, despite ongoing litigation regarding the termination of a construction contract for a residential building in Uttar Pradesh, India, according to a filing with the Indian bourses on Tuesday.

The hearing, scheduled on Monday, was adjourned as the respondents' advocates requested more time to submit their response.

The company, disputing the termination of a construction contract for the residential building argued the encashment violates "principles of natural justice".

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