PVR INOX wins ₹1.22 crore arbitration award against mall developer

The sole arbitrator, former Judge Justice Vinod Goel, ruled in PVR INOX's favor after reviewing pleadings, evidence, and arguments from both sides. The tribunal directed Victory Infraedge to refund the ₹68.25 lakh deposit. It also awarded ₹54,74,959 in interest at 12% per annum, calculated from November 1, 2019, through the date of the award. If the developer does not pay within 60 days, future interest at 12% per annum will apply.

On the interest question, the tribunal held that even though the LOI called the deposit "interest-free," PVR INOX was entitled to interest from the date of default after Victory Infraedge failed to meet its obligations and did not return the money.

Advocate Sumit Gehlot, Manju Gehlot, TS Thakran, and Ankit Pandey from Fidelegal Advocates & Solicitors represented PVR INOX. Advocates Fanish Kumar Jain and Abhishek Shokeen appeared for Victory Infraedge.

The award is enforceable under arbitration law. PVR INOX has not disclosed whether Victory Infraedge has paid or plans to challenge the award in court.