(M.C)
The Delhi High Court on March 10 directed Delhi Metro Rail Corporation Ltd (DMRC) to pay Rs 6,330 crore to a subsidiary of Reliance Infrastructure Ltd in line with the arbitration award passed in 2017. Reliance Infrastructure-promoted Delhi Airport Metro Express Pvt Ltd (DAMEPL) had moved the Delhi High Court seeking enforcement of an arbitration award of 2017 passed in its favour relating to Delhi Airport Metro Express Line. The arbitration award “cannot be allowed to remain as a paper award,” the high court said in its judgment rendered on March 10. The court asked DMRC to divert funds available with it under various funds and accounts towards execution of the arbitration award. DMRC can seek permission from the central government or raise loans to discharge this obligation, the high court said.
After factoring in the amount of Rs 1,678 crore already paid by DMRC, the dues claimed by Reliance Infra, including interest per the arbitration award, stood at Rs 6,330 crore. The high court has granted DMRC two weeks’ time to pay a sum of Rs 824.10 to Reliance Infra’s DAMEPL. The remainder of the amount owed towards the decreed amount is required to be paid by DMRC in two equal instalments to be fulfilled on or before April 30 and May 31 respectively.
