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Pakistan

International court rules in favor of NTDC against Iranian co

The international arbitration court has ordered the Iranian company to pay Rs720 million in interest as compensatio
25 Apr 2020
  • The international arbitration court has ordered the Iranian company to pay Rs720 million in interest as compensation for leaving a project unfinished in Pakistan.

The National Transmission and Dispatch Company Limited (NTDC) have won a major victory against an Iranian company in the international arbitration tribunal.

The international arbitration court has ordered the Iranian company to pay Rs720 million in interest as compensation for leaving a project unfinished in Pakistan.

The case between NTDC and the Iranian company was pending in the ICC International Arbitration Court in Paris. The Iranian company had abandoned the construction of the 500 KV Guddu Multan transmission line.

Following the termination of the contract by NTDC, a case was filed against the Iranian company in the international arbitration tribunal, on which the tribunal ruled in favor of NTDC, and the Iranian company was ordered to pay Rs720 million in interest as compensation.

The NTDC spokesperson said that winning the case against the Iranian company in the International Arbitration Court is a great victory of Pakistan. The Iranian company had left the work of 500 KV Guddu, Multan transmission line incomplete.

It may be mentioned here that NTDC is a company of the Government of Pakistan which deals with the transmission of electricity.