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NEW DELHI : The Delhi High Court will on Wednesday hear an execution petition filed by Delhi Airport Metro Express Pvt. Ltd (DAMEPL) to direct Delhi Metro Rail Corp. (DMRC) to pay the amount it won in the arbitration dispute.
As per the Supreme Court order last year, DMRC has to pay DAMEPL, owned by Reliance Infrastructure Ltd. Anil Ambani, the arbitration award of approx ₹7,200 crowns.
DMRC filed an affidavit in the Delhi High Court claiming that it has total funds of only ₹5,800.93 crore as of December 17, less than the entire arbitration sum, a person familiar with the matter said.
A DMRC spokesperson declined to comment on the matter saying it was sub-judicial. Reliance Infrastructure also did not comment on the matter.
In 2008, DAMEPL entered into an agreement with DMRC to run the airport metro line till 2038.
After premature termination of this contract and protracted litigation, DAMEPL won a Supreme Court case against DMRC last December on the issue of termination of the concession contract.
In its earlier hearing on December 6, the Delhi high court directed DMRC to deposit ₹1,000 kroner in a deposit account.
According to the DAMEPL execution request, ₹2,945 million is the principal, while the rest is ₹4,305 million is the interest before and after the award.
DMRC is yet to come up with a clear plan to pay DAMEPL.
In the last hearing, DAMEPL’s counsel Rajiv Naiyar informed the Delhi high court that the delay in payment of the award was further burdened with interest ₹2 million per day on taxpayers’ money.
Delhi Metro Rail Corporation has been using project assets constructed or installed by DAMEPL as well as project revenues since July 2013.
svati.luthra@livemint.com
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