KRIDE encashes ₹57 crore guarantees as tribunal backs move in L&T suburban rail dispute

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According to KRIDE, the tribunal upheld its presumption that L&T had defaulted connected the execution of the two corridor works and subsequently ‘terminated the agreements unilaterally and illegally, not arsenic per the presumption and conditions of the contracts.’ | Photo Credit: File Photo

The Rail Infrastructure Development Company (Karnataka) Limited (KRIDE) has invoked and encashed performance bank guarantees worth ₹57 crore issued connected behalf of Larsen and Toubro. This follows the Arbitration Tribunal’s determination rejecting L&T’s plea to restrain the move, KRIDE said.

KRIDE stated that the guarantees, issued by YES Bank, pertained to civilian works nether Corridor 2 and Corridor 4 of the Bengaluru Suburban Rail Project (BSRP). The tribunal’s decision, KRIDE claimed, allowed it to proceed with encashing the guarantees, which it completed connected April 4.

Published - April 05, 2026 06:45 p.m. IST

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