GMR v Maldives Arbitration: Tribunal Rules in Favour of GMR

A few years back GMR Male International Airport, a subsidiary of GMR, along with Malaysia Airports had entered into a concession agreement with the Government of Maldives and the Maldives Airport Company Ltd. for the development of the airport at Maldives. The Concession Agreement was a twenty five year agreement. In 2012, the Maldives Government had terminated the Concession Agreement on the grounds of frustration. GMR invoked arbitration. The arbitration took place in arbitration where the tribunal held in favour of GMR. The tribunal is yet to arrive at the damages. News reports cam be accessed from here (Business Standard), here (Business Line) and here (The Economic Times).