New Delhi, May 7 -- The Delhi High Court has dismissed a challenge to an arbitral award directing a company and the owner of a thermal power plant in West Bengal to jointly and severally pay Rs 6.56 crore to a contractor.

The Court upheld the award, including an interest rate of 38.85 per cent per annum, citing the company's substantial involvement in the project and failure to rebut key factual findings.

The case arose from a coal handling project at a thermal power plant, where a contractor was appointed under a tripartite agreement involving the owner and an engineering, procurement, and construction (EPC) contractor.

In 2013, a company was awarded related project work and subsequently issued purchase and works orders to the contrac...