SunCon has entered into a Settlement Agreement with National Highways Authority of India where the Indian authority has agreed to pay Rs 37,53,21,066 Sunway Construction Sdn Bhd.
This will be the full and final settlement of all the claims and disputes pertaining to a contract for the East West Corridor Project – Package EW-II (RJ-9) Rehabilitation and Upgrading of km 406.000 to km 449.150 of NH-76 To 4-Lane Configuration in the State of Rajasthan.
The settlement is governed by the Vivad se Vishwas – II (Contractual Disputes) Scheme issued by the Department of Expenditure, Ministry of Finance, India vide the Office Memorandum. This scheme is implemented by the Government of India as a one-time settlement scheme to clear the old litigation cases.
SunCon said the Settlement Amount is expected to be disbursed by NHAI to SCSB within one month from the date of the execution of the Settlement Agreement. As part of the Settlement Agreement, both NHAI and SCSB also mutually consent to withdraw any ongoing litigations, arbitral proceedings, or conciliation proceedings.
