Cemindia Projects has initiated arbitration proceedings against the Inland Waterways Authority of India (IWAI) to recover approximately ₹130 crore in outstanding claims. The legal action stems from disputes over the Engineering, Procurement and Construction of a multi-modal Inland Water Transport (IWT) Terminal at Haldia, West Bengal, where the company alleges non-payment of certified bills and costs associated with project delays.

The arbitration notice was issued on June 18, 2026, and the Arbitration Tribunal was formally constituted on July 30, 2026. This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The tribunal comprises three members appointed to resolve the dispute:

The core of the dispute involves multiple financial components arising from the execution of the Jal Marg Vikas Project. Cemindia Projects is seeking recovery for certified and un-certified bills, claims on additional works executed beyond the original scope, prolongation costs incurred due to delays, interest on delayed payments, and the release of retention money.

What the Numbers Show

The claimed amount of ₹130 crore excludes further interest, taxes, and legal costs. The filing notes that this figure is subject to revised quantification or updation during the arbitration proceedings. For infrastructure contractors like Cemindia Projects, such disputes often signal cash flow pressures, as retention money and delayed bill payments tie up working capital. The outcome will depend on the tribunal’s assessment of contract clauses regarding delay liabilities and additional work valuations.

An Arbitral Tribunal (AT) has awarded the ITD ITD Cem Joint Venture (the JV) an amount of Rs 212.54 Crore plus GST and costs against Delhi Metro Rail Corporation Limited (DMRCL). The award, published on August 01, 2026, resolves long-standing contractual claims concerning prolongation of work, uncertified work, and recoveries. Cemindia Projects Limited , which holds a 49% stake in the JV, disclosed the outcome on August 02, 2026, noting that the financial impact will be determined upon actual receipt of the amount. The tribunal also entirely rejected DMRCL’s counter-claim of Rs 22.19 Crore plus interest, GST, and cost.

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The original contract between the JV and DMRCL was entered into on January 14, 2013. Disputes arising from this contract were referred to arbitration before a three-member Arbitral Tribunal.

Award Details

The Arbitral Tribunal’s decision addresses both the primary claim by the JV and the counter-claim filed by DMRCL. The JV had claimed Rs 322.22 Crore plus interest, GST, and cost. The tribunal awarded a significant portion of this claim while dismissing the opposing party’s demands.

What the Numbers Show

The award represents approximately 66% of the JV’s original monetary claim of Rs 322.22 Crore, excluding interest and GST components which are calculated separately. The complete rejection of DMRCL’s counter-claim of Rs 22.19 Crore removes a potential liability that could have offset the awarded sum. Given Cemindia Projects Limited’s 49% equity participation in the joint venture, the company is entitled to nearly half of the net proceeds received from this award, subject to any applicable taxes and internal JV agreements. The final financial impact on the company’s books remains contingent on the actual receipt of funds from DMRCL.