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| Exchange Disseminated Time | Atlanta Ltd has informed BSE that MORA Toll ways Limited ("Concessionaire"), a subsidiary Company of Atlanta Limited was awarded the contract for Four laning of Mohania - Ara Section of NH-30 (Km 0.000 to Km 116.760) in the State of Bihar on Design, Build, Finance, Operate, Transfer (DBFOT - Toll) basis vide Concession Agreement dated September 10, 2011.
During the last 9 months, the Concessionaire could not carry out the project in an efficient manner due to several defaults by the Authority like a) Non release of grant b) Non approval of additional costs due to procurement of aggregates from longer leads (c) Grant 100% of vacant access etc.
The Concessionaire therefore invoked the provisions of clause 37.2.2 of the Concession Agreement and terminated the contact w.e.f. February 20, 2015 and requested the Authority to pay the terminal payment amounting to Rs. 610.52 crores within fifteen days from receipt of notice. |
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