SWSOLARSterling and Wilson Renewable Energy Limited
Sterling and Wilson's South African Unit Sues Insurers Over ₹25.50 Crore Unpaid Bonds
- Legal
- Renewable Energy
Sterling and Wilson Renewable Energy Limited has told the exchanges, in a delayed disclosure, that its step-down subsidiary, Sterling and Wilson Engineering (Pty) Ltd, has filed a Notice of Motion before the High Court of South Africa, Gauteng Local Division, Johannesburg, against Credit Guarantee Insurance Corporation of Africa Limited, Old Mutual Alternative Risk Transfer Insure Limited and Lead Engineering and Projects (Pty) Ltd, which is in liquidation.
The subsidiary had appointed Lead Engineering as a sub-contractor on the Doornhoek and Zondereinde projects in South Africa. When Lead Engineering went into liquidation, it invoked the advance, performance and retention insurance bonds, which total about ₹25.50 crore, issued on Lead Engineering's behalf by the two insurers, who did not pay. The quantum of the claim is about ₹25.50 crore, and the company expects no financial implications such as compensation or penalty.
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