Arbitration award: Yedeshi Aurangabad Tollway Ltd (YATL), a special purpose vehicle of IRB Infrastructure Trust, has won an arbitration award of Rs 1,720 crore for a highway project, according to an official statement said.

The YATL had initiated arbitration proceedings against the National Highways Authority of India (NHAI) after the authority disputed the company's claim for the extension of the concession period by 870 days and compensation of Rs 1,751 crore, the statement said.

IRB Infrastructure Developers Ltd is the sponsor of IRB Infrastructure Trust.

IRB was the EPC contractor for YATL and continues to be the project manager for YATL.

The arbitration was based on the compensation payable to the IRB towards time and cost overrun suffered during the construction period on account of delays attributable to the NHAI and certain Force Majeure events, it added.

After thoroughly hearing both sides, the statement said the Arbitration Tribunal has directed NHAI to pay compensation of Rs 1,720 crore including Interest payable as on date of award.

The Arbitration Tribunal has directed NHAI to grant extension of 689 days to the concession period, it said.