What does all this mean for IRL? I see it a couple of ways. Firstly, IRL has categorically stated that they will not restart Surda until all monies are paid. This means that HCL are in a conundrum because if they choose not to pay the money and do not allow IRL to continue with Surda, then by their own government laws they must tender again. This would mean possibly 12 months before any work could start at Surda and possible dare I say it, compensation for IRL which would certainly never be paid. Secondly, they could pay the money, revise the deal as per arbitrator decision and all is hunky dory or lastly they could take it all to court and no one wins.
IRL Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
