Delhi High Court stays NHAI debarment of PNC Infratech
PNC Infratech just got a breather from the Delhi High Court, which paused the National Highways Authority of India's (NHAI) two debarment orders banning it and its special purpose vehicle (SPV), Awadh Expressway Pvt Ltd, from bidding for any NHAI and MoRTH projects for three years.
Thanks to this stay, PNC and its special purpose vehicle (SPV), Awadh Expressway Pvt Ltd, can keep working without any disruptions for now.
PNC Infratech stock jumps 13.30%
The original three-year ban back in September was tied to issues with a Kanpur-Lucknow expressway contract, but did not stop PNC's ongoing work or projects for which it had emerged as the L1 (lowest) bidder.
With NHAI making up over one-third of PNC's ₹19,200 crore order book as of June, this legal win is huge for its business.
Investors seemed relieved too; PNC's stock jumped 13.30% after the news, closing at ₹156.70 on the BSE.