IL&FS Engineering Receives Termination Letter From JBVNL
IL&FS Engineering and Construction Company Limited (Company) has received a termination letter dated January 18, 2019, from Jharkhand Bijli Vitran Nigam Limited (JBVNL) informing the Company of the decision of the competent authority to terminate the contract for IPDS Jamshedpur Package. The details with respect to the subject termination of the contract are as follows:
|1||Name(s) of parties with whom the agreement is entered;||Jharkhand Bijli Vitran Nigam Limited: Employer IL&FS Engineering and Construction Company: Contractor|
|2||Nature of the order(s)/contracts||Supply of materials & equipment for Urban electrification works of Dhanbad package covering Eight Towns under Integrated Power Development Scheme (IPDS)|
|3||Date of execution of the order(s)/contract(s)||(i) LOA No. 08/R-APDRP – 855 dated 05.07.2017 for Supply Part (ii) LOA No.09/ R-APDRP – 855 dated 05.07.2017 for Erection Part (iii) Contract Agreement No. 03/IPDS dated 27.09.2017 for Supply Part. (iv) Contract Agreement No 04/IPDS dated 27.09.2017 for Erection Part.|
|4||Reason for termination and impact thereof (to the extent possible)||Breach of contract as provided under clause 36.2 of the GCC viz Due to Slow progress & failure in the completion of the project as per approved PERT Chart|
The Company is discussing with the Employer for the revival of the Project.