NEW DELHI: Caught napping by GMR moving Delhi High Court to stop NHAI from encashing the performance security of Rs 260 crore after it served the termination notice on Kishangarh-Udaipur-Ahmedabad project, the highway authority has filed a caveat before the same court against GVK which has also served termination notice for Shivpuri-Dewas stretch. NHAI is also looking into the aspect of "debarring" GMR from future bidding.
Sources said that GVK has submitted at least Rs 100 crore as performance security to NHAI for the project. Though the authority has responded to the company's notice, there are chances of the firm exiting from this work. Officials said the viability of the project has "gone down on account of reduced traffic, increase cost of construction" and the company finding it difficult to raise equity. The NHAI has filed the caveat anticipating that GVK might follow GMR's footstep to get a stay on NHAI encashing the security amount.
Meanwhile, another infrastructure major IVRCL Group which had bagged 6-laning of Gundugolanu-Rajahmundry section on NH-5 in Andhra Pradesh, has also filed a caveat before Delhi High Court fearing NHAI might encash its security amount after it sought some clarification on "contract condition".
This case comes up for hearing on January 23.
Highway authority files caveat in HC
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Highway authority files caveat in HC
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Highway authority files caveat in HC
