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Canara Bank filed an original application titled OA 116 of 2022 (“OA”) against Reliance Infrastructure Limited (“RIL”) for recovery of a total amount of Rs. 408.83 Crores in view of the default committed by RIL. In this case, RIL created securities in favor of Canara Bank by way of mortgage over the property under the loan documents. Further, Delhi Airport…
Canara Bank filed original application number OA 116 of 2022 (“OA“) v. Reliance Infrastructure Limited (“RIL“) for the recovery of a total amount of Rs. 408.83 crore in respect of the default committed by RIL. In this case, RIL created securities in favor of Canara Bank by way of hypothecation of properties under the loan documents.
Further, Delhi Airport Metro Express Pvt. doo (“DAMEPL“) is a wholly owned subsidiary of RIL, in which RIL holds 99.95% stake which has received an arbitration award dated 11th May 2017 (“Arbitration Award“) totaling more than 8000 crores against Delhi Metro Rail Corporation Ltd.(“DMRCL“) which is a joint venture between the Government of India and the Government of NCT of Delhi. The arbitral award became final after it was subsequently confirmed by the Hon’ble Supreme Court vide its order dated 9th September 2021 Gross decree amount together with interest until the 14th February 2022 calculated in accordance with the arbitral award is Rs. 8009.38 million out of which a sum of Rs. 1678.42 crores has already been disbursed so far and there remains a decree amount of Rs. 6330.96 crores payable to DAEMPL (a subsidiary of RIL).
Accordingly, in order to protect and secure its security interest, Canara Bank has filed this OA seeking recovery of its money from RIL, which is apparently capable of duly fulfilling all its obligations.
In view of the above fact, MDP and partners have drafted, filed and represented Canara Bank before the Debt Recovery Tribunal, Mumbai Bench-I, Inter alia seeking that RIL be directed to disclose all details and information of all monies from DAEMPL and vice versa. Further, Canara Bank seeks to attach the said amounts against the debt owed by RIL to Canara Bank.
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