You are using an older browser version. Please use a supported version for the best MSN experience.

Delhi HC directs DMRC to pay Rs60 crore as interest to Reliance Infra unit DAMEPL

LiveMint logoLiveMint 30-05-2017 Priyanka Mittal

New Delhi: The Delhi high court on Tuesday directed Delhi Metro Rail Corporation (DMRC) to release Rs60 crore payable as interest to Delhi Airport Metro Express Pvt. Ltd (DAMEPL), a subsidiary of Reliance Infrastructure Ltd, a part of Anil Ambani’s Reliance Group.

The court was hearing a case brought by the DAMEPL seeking early payment of an arbitration award it had won against the DMRC for termination of concession agreements for the metro express project.

On 11 May, an arbitral award amounting to Rs2,950 crore was passed in favour of DAMPEL. The total compensation (including interest) would amount to Rs4,670 crore.

The plea was filed under Section-9 of the Arbitration and Conciliation Act, 1996, for payment of Rs3,502 crore which constitutes 75% of the total award amount.

ALSO READ: Reliance Infra wins Rs2,950 cr arbitration award against DMRC over airport metro

It was claimed by DAMEPL that under the 5 September, 2015 guidelines issued by Niti Aayog, public sector undertakings (PSUs) were to pay 75% of the award amount even if they proposed to challenge the arbitral award.

Applicability of the guidelines was opposed by DMRC, which told the court that the 90-day period to challenge the award had not lapsed.

The case will be heard next on 19 July.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case

More From LiveMint

image beaconimage beaconimage beacon