Anil Ambani, Chairman of India’s Reliance Communication, addresses a news conference at the company’s headquarters in Mumbai | Photo: Reuters
Anil Ambani promoted Reliance Infrastructure (RInfra) on Tuesday said its subsidiary Delhi Airport Metro Express (DAMEPL) has moved the Delhi High Court seeking execution of the Arbitration award of Rs 29.5 billion it had won against Delhi Metro Rail Corporation (DMRC).
“In its petition filed under section 36 of the Arbitration and Conciliation Act in the division bench headed by Chief Justice of Delhi HC, DAMEPL has sought an order for the execution of the award dated May 11, 2017, passed by the Arbitral Tribunal and direct DMRC to pay Rs 52 billion. This includes the principal amount of Rs 29.45 billion along with interest as on date,” the company said in its statement. The arbitral award was recently upheld by a single judge bench of the Delhi High Court.
On 6th March, Reliance Infrastructure had informed the exchanges the Delhi High Court has upheld its arbitration award of Rs 29.50 billion as compensation along with interest to Delhi Airport Metro Express Private Limited (DAMEPL). Reliance Infrastructure also added the High Court has also directed DMRC to deposit Rs 35.02 billion in an escrow account within four weeks.
The initial arbitration awarded was granted by a three-member Arbitration Tribunal unanimously on the basis of termination provisions of the Concession Agreement, which DAMEPL had utilized to terminate its agreement with Delhi Metro Rail Corporation (DMRC). DMRC later challenged this award in the Delhi High Court.”The High Court upheld the validity of the award granted by the three-member Arbitration Tribunal," RInfra said in its 6th March statement. RInfra is expected to utilise the proceeds from the award to retire its debt.