Karachi August 6 2021: Actions for the withdrawal of the LDs Arbitration before the International Chamber of Commerce (ICC) in Singapore have been completed, as per information shared by the company’s management.
The Arbitral Tribunal issued a Consent Order acknowledging the settlement of disputes between the Company and the Power Purchaser (Central Power Purchasing Agency (Guarantee) Limited), and the withdrawal of all claims and counterclaims as per the settlement terms of the Third PPA Amendment Agreement. The ICC has taken notice of termination of the LDs Arbitration.
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Earlier, Kot Addu Power Company has agreed to settle the outstanding liquidity damages dispute for extension in Power Purchase Agreement (PPA) for a period of 485 days.