REG - Noida Toll Bridge Co - Arbitration Proceedings <Origin Href="QuoteRef">NOID.NS</Origin>

Noida Toll BridgeAnnouncement

17/02/2017 13:10

RNS Number : 2127X
Noida Toll Bridge Co. Ltd.
17 February 2017
Noida Toll Bridge Company Limited
("NTBCL" or the "Company")
The Company announces that it has initiated arbitration proceedings against New Okhla Industrial Development Authority ("NOIDA") under the terms of Article 26.1 of the Concession Agreement (as modified by the Judgement of the Hon'ble High Court of Allahabad vide its Judgement dated 26.10.2016 in the case of Federation of Noida Residents Welfare Association v. NTBCL). The arbitration notice was delivered by the Company to NOIDA on 14.02.2017. The arbitration notice has been issued in relation to all claims and disputes arising under the Concession Agreement including on account of various events of defaults of NOIDA ranging from: 
(i) NOIDA's failure to discharge its obligations under the Concession Agreement, upon occurrence of a Change in Law and place the Company in substantially the same legal, commercial and economic position as it was prior to such Change in Law, 
(ii) NOIDA's misrepresentations that falsely induced the Company to enter into and perform the Project Contracts and Financing Agreements and construct, finance, operate and maintain the Project Facilities, 
(iii) NOIDA's intentional breach of certain fundamental express representations and warranties under the Concession Agreement, 
(iv) NOIDA's breach of various obligations under the Concession Agreement, 
(v) NOIDA's continuing default in granting "development rights" to the Company in accordance with the provisions of the Concession Agreement; and 
(vi) other grounds and claims arising from the manner in which NOIDA has undertaken to perform its obligations under the Concession Agreement.
The arbitration panel under the terms of Article 26.1 of the Concession Agreement will have to be constituted and thereafter the Company shall submit its claim against NOIDA before the arbitration panel so constituted.
The arbitration proceedings are separate and independent of the appeal filed by the Company before the Hon'ble Supreme Court of India against the said Judgement of the High Court of Allahabad dated 26.10.2016 in the case of Federation of Noida Residents Welfare Association v. NTBCL.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further details please contact:
Noida Toll Bridge Company Limited 

Harish Mathur 
00 91 120 2516380


Cairn Financial Advisers LLP

Nominated Adviser

Sandy Jamieson, Emma Earl
00 44 207 213 0880

This information is provided by RNS
The company news service from the London Stock Exchange
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