Kalpataru Projects Int'l JV Loses Termination Payment Claim vs NHAI
Kalpataru Projects International Limited's JV, KEPL, had its arbitration award for Termination Payment and interest against NHAI partially set aside by the High Court on July 28, 2026. KEPL plans to appeal this decision. Other claims in the award were upheld.
While a portion of the award was set aside, other claims were upheld, and the company intends to appeal. The financial impact will depend on the outcome of the appeal, but it is material enough to warrant a medium impact assessment.
The High Court's decision to partially set aside the arbitral award, specifically the Termination Payment and interest, is a negative development for the company's joint venture.
Kalpataru Projects International Limited (KPIL) has provided an update on the arbitration proceedings involving its joint venture, Kurukshetra Expressway Private Limited (KEPL), and the National Highways Authority of India (NHAI).
In a significant development, the Hon’ble High Court, vide its order dated 28th July 2026, has partially set aside the arbitral award that was previously in favor of KEPL. The court's decision specifically overturns the award related to the Termination Payment and its associated interest. However, awards on all other claims made by KEPL have been upheld.
This order was received by the company on 28th July 2026, at approximately 3:22 PM. KEPL, acting on legal advice, believes it has a strong case to challenge the portion of the claim that was set aside by the court. Consequently, KEPL is in the process of taking appropriate legal steps, including the filing of an appeal against the High Court's order.
This update follows previous communications regarding the arbitration. Initially, KEPL had received two arbitration awards in its favor against NHAI, which included provisions for Termination Payment concerning a road project terminated by KEPL in 2021. NHAI had subsequently challenged these awards under Section 34 of the Arbitration and Conciliation Act, 1996.
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Kalpataru Projects International 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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See the model portfoliosA plain-language summary of a public exchange filing by Kalpataru Projects International Limited. Read the original for the full detail.