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The Delhi Metro Rail Corporation informed the Delhi High Court about its decision. (the file)
New Delhi:
The Delhi Metro Rail Corporation (DMRC) on Monday informed the Delhi High Court that it has agreed to deposit Rs 1,000 crore in an escrow account within 48 hours and is seeking more time to calculate the amount awarded in the Delhi Airport Reliance Infrastructure arbitration dispute. Metro Express Pvt Ltd (DAMEPL).
In its case in the Delhi High Court, the DMRC challenged the amount payable passed in the arbitration order for the dispute with Reliance Infrastructure. DMRC claimed that the amount due is Rs 5,000 crore against Reliance Infra’s claim of Rs 7,100 crore.
However, he agreed to deposit Rs 1,000 crore in the escrow account in the next 48 hours.
Reliance Infrastructure recently approached the Delhi High Court and sought the court’s direction to DMRC to pay the arbitration award of Rs 7,100 crore to the company.
The plea sought “an order of execution of the judgment dated May 11, 2017, issued by the Arbitration Court, ordering the judgment debtor to pay the judgment holder the sum of 7,045.41 kroner on the date of filing of this motion, with interest at the SBI rate PLR of 2 percent on 4,499.37 kroner from September 11, 2021 until the date of payment of the said amount and with interest at the rate of 11 percent on RSD 210.16 million from September 11, 2021, until the day of payment of the said amount,” it states in the application.
He also sought an order for attachment and sale of both movable and immovable properties and/or attachment and recovery of bank accounts and other assets of the judgment debtor amounting to Rs. 7,045.41 crowns and the proceeds from their sale can be paid to the decree holder in order to satisfy the Decree.
The Supreme Court has already dismissed a review petition filed by DMRC against the apex court’s order upholding Rs. Arbitral award of 7,100 million Euros in favor of Reliance Infrastructure arm, Delhi Airport Metro Express Pvt Ltd. (DAMEPL) which used to operate the Delhi Airport Metro Line.
The Supreme Court in its order dated September 9 upheld the arbitration award of Rs 7,100 crore in favor of Delhi Airport Metro Express Private Limited (DAMEPL).
A High Court bench headed by Justice L Nageswar Rao set aside the Delhi High Court order setting aside the arbitration award in favor of DAMEPL, which had pulled out of running the Airport Express metro line due to safety concerns, the petition said.
In its May 2017 award, the arbitral tribunal accepted DAMEPL’s contention that running operations on the line was not sustainable due to reasons such as structural deficiencies.
In 2008, DAMEPL entered into an agreement with DMRC to run the airport metro line till 2038.
As disputes arose between the parties, DAMEPL stopped operating the metro on the airport line and invoked the arbitration clause against DMRC alleging breach of contract and sought termination compensation.
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