After GMR lost the Male airport contract, the Axis Bank -led consortium had filed an appeal before the Singapore Tribunal against the Maldives government. While reports indicate that GMR is working out an out of court settlement with Maldives government, CNBC-TV18 now learns that the dispute between the Axis Bank-led consortium that had lent money to GMR and the Maldives government is finally going to end soon. The arbitration process which had begun in July 2013 between Axis Bank and Maldives government over the Male airport is expected to conclude by April. The three arbitrators have been appointed and the bank also submitted its reply to the Singapore tribunal, clarifying that the money that they had lent to GMR was only used for the development process.
15/01/14 Aastha Maheshwari/CNBC-TV18/moneycontrol.com
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15/01/14 Aastha Maheshwari/CNBC-TV18/moneycontrol.com
