In a major boost for Anil Ambani owned Reliance Infrastructure Ltd the company won an arbitration case worth a whopping Rs 780 crore in the Calcutta High Court. As per a stock exchange filing by Reliance Infra the top court upheld a Rs 780 crore arbitration award in favor of the Anil Ambani-led firm in a dispute with Damodar Valley Corporation- a West Bengal-based infrastructure company. This is to inform that on September 27 2024 the Division Bench of Honble High Court of Calcutta delivered its judgment in a petition filed by Damodar Valley Corporation (DVC) challenging the arbitration award under Section 34 dated September 29 2023 amounting to approximately Rs 780 crore including accrued interest in favour of the company concerning the Raghunathpur Thermal Power Project Reliance Infra said in its stock filing. What was the case? Anil Ambanis Reliance Infrastructure had secured a contract to set up a 1200 MW thermal power plant in Purulia West Bengal for Rs Rs 3750 crore but the project was delayed due to disputes and other reasons leading to DVC seeking damages from Reliance Infra. However Anil Ambanis firm challenged this in court an in 2019 an arbitration tribunal ruled in favour of Reliance Infra and directed DVC to pay Rs 896 crore to the company. DVC challenged the arbitration tribunal order in Calcutta High Court however the top court upheld the tribunals ruling in favour of Reliance Infra ordering DVC to pay around Rs 780 crore to Anil Ambanis company. HC rules in favor of Reliance Infra According to Reliance Infras filing the Calcutta HC ruled that with the exception of relief on pre-award interest and reduction in the rate of interest on bank guarantee totalling to Rs 181 crore and upheld the (arbitration) award totalling approximately Rs 780 crore including accrued interest. In addition the bank guarantee of Rs 600 crore will also be released. The Anil Ambani-led company added that it is currently conducting a detailed review of the judgment and will proceed based on legal advice either to enforce the Award to the extent upheld or to challenge the judgment dated September 27 2024 where it interferes with the Award. (With PTI inputs)