Alpha Real Trust welcomes court ruling in Delhi
Alpha Real Trust expressed satisfaction with a ruling from the Delhi High Court on Monday, in an ongoing spat with one of its joint venture partners, Logix.
Alpha Real Trust Ltd.
140.00p
16:55 18/04/24
Real Estate Investment & Services
2,146.41
17:14 18/04/24
The International Court of Arbitration had declared an award in favour of Alpha Real over the Galaxia investment in late January 2-15.
Alpha Real said the Galaxia investment was a joint venture with the Logix Group, located in the 11.2-acre special economic zone of the National Capital Region in India.
“The total award amounted to £9.2m based on exchange rates at the time,” Alpha Real’s board said in a statement.
“Additionally, a further 15% pa interest on all sums was awarded to the company from 20 January 2015 until the actual date of payment by Logix of the award.
“The sum has now accrued to £13.4m at the current exchange rate.”
Following a challenge of the award by Logix, the Delhi High Court upheld it on 9 February, dismissing the Logix petition with costs.
“Logix has 30 days to appeal the dismissal before a Division Bench of the same court,” the board added.