Bombay High Court sets aside Arbitral Award favoring RCF in Thermax dispute.
Bombay High Court set aside arbitral award favoring RCF in dispute with Thermax, directing refund of ₹218.45 crore plus 6% interest. RCF reviewing options.
The financial impact of refunding ₹218.45 crore plus interest is significant, but the company is exploring legal remedies, which could mitigate the impact.
The court ruling against the company and the requirement to refund a significant amount of money along with interest is likely to have a negative impact.
* The Bombay High Court has set aside the Arbitral Award dated 5 June 2023, which was in favor of Rashtriya Chemicals and Fertilizers Limited (RCF) in a dispute with Thermax Limited regarding recovery of damages for breakdown of Gas Turbo Generators (GTGs). * The court's order, dated 9 December 2025, directs RCF to refund ₹218,45,88,493 deposited by Thermax Limited, along with 6% interest per annum. * RCF has been granted four weeks by the court to avail appropriate remedies. * The company is reviewing the matter to decide on the future course of action to protect its interests.
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Rashtriya Chemicals and Fertilizers Limited filed this with the NSE as a statutory disclosure, categorised under litigation updates. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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