Reliance Power wins lawsuit challenging validity of arbitration award

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Netherlands BV, a wholly-owned subsidiary of Anil Ambani-owned Ltd, has won a lawsuit in the Central Jakarta district court of Indonesia challenging the validity of Singapore arbitration award favouring


Kokos Jiang and Prestige Capital Holdings, who were respondents in the arbitration, had filed a lawsuit in Jakarta court requesting nullification of the entire arbitration award.


As per the Singapore arbitration award, arbitrators had ordered Kokos Jiang (earlier known as Kokos Leo Lim) and Prestige Capital Holdings Ltd in Seychelles to pay Reliance Power Netherlands BV a sum of 43.2 million dollars along with default interest.


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The total dues payable by Kokos Jiang and Prestige Capital Holdings stands at 68 million dollars as on the day of judgement. With this judgement, the Indonesian court has further reinforced the ongoing award execution process.


“Reliance Power is on track to execute the award for a sum of 68 million dollars (Rs 510 crore) during FY 2020-21,” it said in regulatory filings at Indian stock exchanges on Tuesday.


Reliance Power

French Airport Buzzes With Activity As Others Fall Silent

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Most airports have become ghost towns since measures to contain the coronavirus pandemic drastically reduced air traffic, but one in central France is buzzing with activity.

The closure of borders around the world prompted airline companies to seek out a place to park their fleets.

Chateauroux airport, outside the town of the same name in central France, rapidly became a popular destination for these immobile planes, as it inherited large amounts of space from its military history and is cheaper for airlines than airports near Paris.

Grounded planes require extensive maintenance, spurring a flurry of activity at Marcel-Dassault airport despite the lack of passengers.

In total, 40 aeroplanes lie dormant at Chateauroux, belonging to British Airways, Hong Kong Airlines, Air Caraibes, Egyptair, Brazilian company Azul and Chinese company Loong Air, amongst others.

Usually, the airport is a quiet departure point for a handful charter flights mainly to summer holiday destinations.

“We will be welcoming another fifteen planes in the coming days. We have space for a dozen more,” said airport head Didier Lefresne.





Many international airlines have parked their planes here
 AFP / GUILLAUME SOUVANT

The airport was built in 1936 by the engineer and politician Marcel Dassault, known for

CBIC clears Rs 11,052 crore GST refund claims since Apr 8 to benefit MSMEs

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The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days.


In a tweet, the said it is “committed to ensuring liquidity to GST taxpayers especially sectors during the lockdown”. The tweet added that 29,230 refund claims amounting to Rs 11,052 crore disposed of between April 8-May 24, the added.



Refunds have been sanctioned while ensuring work from home, it added. The had on April 8 said that to provide relief during the cor it has been decided to issue all pending GST and custom refunds which would benefit around 1 lakh business entities, including


The total refund granted will be approximately Rs 18,000 crore, it had said.


The had earlier asked its field officers to avoid asking for physical submission of documents from entities who are claiming GST and Customs refunds and instead use official email for all communication.


The CBIC had said that the decision to process pending refund claims has been taken with a view to providing immediate relief to the taxpayers in

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