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In an affidavit filed in the Delhi High Court, the Delhi Metro Rail Corporation (DMRC) disclosed that it has total assets worth Rs. 5800.93 crore currently available with it, as of December 17, 2021. It has sought more time to settle the amount brought in the arbitration dispute with Reliance Infrastructure’s Delhi Airport Metro Express Pvt Ltd (DAMEPL).
DMRC has already deposited Rs. 1,000 crore in an escrow account with the Delhi HC, as directed by the court in its last hearing on December 6, 2021. He agreed to deposit the amount within the next 48 hours.
DMRC has to pay the arbitration award of about Rs. 7,200 crores to Reliance Infrastructure subsidiary DAMEPL as per the court order.
The next hearing on the enforcement request filed by DAMEPL is on December 22.
In the last hearing held on December 6, the Delhi HC directed the DMRC to file an affidavit to disclose the total amount to be paid including interest, as per the award.
So far, six hearings have been held in the Delhi HC on the DAMEPL enforcement petition. But the DMRC is yet to clear all the details regarding the payment to DAMEPL. Reliance Infra’s counsel, Rajiv Naiar, noted that this delay in payment of the award by DMRC, an Indian utility, created an additional interest burden of Rs. 2.0 crore per day on taxpayers’ money and DMRC’s interest burden has already increased by Rs. 200 crowns.
As per DAMEPL’s demand for enforcement, out of the total monetary award amount of over Rs. 7,250 crore against DMRC, Rs. 2,945 crore is the principal and the balance Rs. 4,305 crore includes interest before and after allotment.
After the December 6 hearing, the plea sought “an order enforcing the judgment dated May 11, 2017, passed by the Arbitral Tribunal directing the debtor to pay the awardee the sum of Rs 7,045.41 crore. date of filing this petition, with interest at the rate of SBI PLR 2 per cent on a‚¹ 4499.37 crores from 11 September 2021, till the date of payment of the said amount, and interest at the rate of 11 per cent on Rs 210.16 crores from 11 . September 2021 until the date of payment of the said amount,” NDTV reported.
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