Velan Hotels Ltd. Settles Dispute with Mohan Clothing Company Pvt Ltd.
Velan Hotels Limited announced a resolution to its ongoing legal dispute with Mohan Clothing Company Pvt Ltd through an amicable, out-of-court settlement. The agreement effectively closes the appeal case initiated in response to an arbitration award.Previously, an arbitration award had mandated Velan Hotels to refund Rs. 9.82 lakh in interest-free security deposit, alongside an additional claim of Rs. 22.79 lakh for fit-out and interior works, including 9% interest, and Rs. 1.00 lakh for damages and proceedings costs.
As part of the settlement, Velan Hotels Limited paid Rs. 20.00 lakh to Mohan Clothing Company Pvt Ltd, which addresses a claim of Rs. 33.61 lakh, inclusive of 9% interest on the cost of fit-out work. The agreement was reached voluntarily by both parties, averting further litigation.
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