The Delhi High Court on March 10 granted Rs 6,330 crore to a subsidiary of Reliance Infrastructure Limited as per the arbitration order passed in 2017 to Delhi Metro Rail Corporation Ltd (DMRC). ordered to pay.
Delhi Airport Metro Express Pvt Ltd (DAMEPL), promoted by Reliance Infrastructure, had approached the Delhi High Court to implement the 2017 arbitration order passed in its favor relating to the Delhi Airport Metro Express line.
The High Court, in its judgment dated March 10, said the arbitration order “cannot be allowed to remain as a paper order”. The court asked the DMRC to pay its funds available under various funds and accounts under the arbitration order. The High Court said that DMRC can take permission or loan from the central government to fulfill this obligation.
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Taking into account the amount of Rs 1,678 crore already paid by DMRC, Reliance Infra had claimed dues of Rs 6,330 crore including interest on the arbitration order.
The High Court has given two weeks time to DMRC to pay an amount of Rs 824.10 crore to Reliance Infra’s DAMEPL. The balance amount is to be paid by DMRC in two equal installments on or before 30th April and 31st May.
The petition was filed in the High Court by a Reliance Infra subsidiary seeking a direction to DMRC to deposit an amount exceeding Rs 6,330 crore in an escrow account.
However, DMRC had challenged the amount claimed by Reliance Infra and said that Reliance Infra owes only around Rs 3,500 crore after making the payment.
Let us inform that DMRC and Reliance Infra’s DAMEPL had entered into an agreement in 2008 for the Delhi Airport Metro Express Line. DAMEPL terminated the concession agreement with DMRC in 2012 on the ground that DMRC had failed to rectify the construction defects within the stipulated time.
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Thereafter DMRC had sought the help of arbitration and the decision was passed in favor of DAMEPL. This decision was also upheld by the Supreme Court. After this, the Delhi High Court was asked to implement the arbitration order.
DMRC has to pay Rs 6,330 crore to the Reliance Infra unit as per an arbitration order of 2017.
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