has secured ₹222.65 crore in partial arbitral award along with interest and legal costs, in its long-running dispute with Transport Corporation (DTC).
Ashok Leyland informed stock exchanges on Monday that it had supplied buses to DTC between 2009 and 2011 against a tender issued by the latter. In pursuance of the contracts with DTC, Ashok Leyland raised certain claims and also initiated arbitration against DTC in 2013.
Ashok Leyland had originally sought claims worth ₹445 crore, while DTC had filed a counterclaim of ₹136 crore. The tribunal dismissed DTC’s counterclaim
The company said it is in the process of reviewing the contents of the award, ascertaining the final award amount inclusive of interest, and considering available options for the remaining amount claimed but not awarded.
According to the company, the tribunal, on July 6 directed DTC to pay ₹222.65 crore, along with interest at 10 per cent per annum covering the pre-arbitration period, period of the arbitration proceedings, and from the date of the award until payment. The tribunal also awarded legal costs of ₹2.96 crore, Ashok Leyland added.