MEP handover Chennai bypass Toll

MEP Chennai Bypass Toll Road Private Limited (a subsidiary of MEP Infrastructure Developers Limited) had entered into a Concession Agreement with National Highways Authority of India (“NHAI”) on January 14, 2013 for Operation and Maintenance of Chennai Bypass section from Km 0.00 to Km 32.600 in the State of Tamil Nadu on OMT basis -OMT package No NHAI/OMT/ Pkg 15/2011. The COD for the Project was achieved on 14.05.2013. Post COD during the operating period, certain disputes arose on account of mainly evasion of toll and fee rule notification between MEP Chennai Bypass Toll Road Pvt. Ltd. and NHAI. Under the orders of the High Court, Delhi both NHAI and MEP Chennai Bypass Toll Road Pvt. Ltd. were directed to amicably settle the disputes. As a part of the amicable settlement, the Independent Engineer had evaluated the claims made by MEP Chennai Bypass Toll Road Pvt. Ltd. from time to time. However, final settlement on the same is yet to conclude. As a part of the settlement, MEP Chennai Bypass Toll Road Pvt. Ltd. has handed over the project facilities and the toll plaza to the NHAI from April, 9, 2016 at 00.00 Hours. The settlement of the claims will be dealt as per the provisions of the Concession Agreement.