Delhi High Court orders MTNL to deposit ₹160 crore arbitral award amount with interest in FD as condition to stay arbitral award

The case concerns a dispute between MTNL and CanFina, (Canara Bank subsidiary) over the cancellation of bonds issued by MTNL in 1992. The amount to be deposited by MTNL effectively runs to around₹ 442.69 crores.
Delhi High Court
Delhi High Court

The Delhi High Court recently stayed an arbitral award ordering Mahanagar Telephone Nigam Limited (MTNL) to refund ₹ 160 crores along with interest to CanBank Financial Services Limited (CanFina), subject to the condition that MTNL deposit security covering the entire refund amount, which effectively runs to around ₹ 442.69 crores, in a Fixed Deposit. [Mahanagar Telephone Nigam Limited v. Canara Bank and anr]

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