1. Anil Ambani led Reliance Infrastructure unit Delhi Airport Metro Express wants early payment of Rs 4,670 cr award; HC seeks Delhi Metro stand

Anil Ambani led Reliance Infrastructure unit Delhi Airport Metro Express wants early payment of Rs 4,670 cr award; HC seeks Delhi Metro stand

Delhi Airport Metro Express, a Reliance Infrastructure subsidiary, sought an early payment of 75% of the arbitral award of Rs 4,670 crore that it won recently.

By: | New Delhi | Updated: May 20, 2017 6:35 AM
The company claimed a total compensation of Rs 4,670 crore, which includes the penalty and the interest on it from DMRC. (PTI)

The Delhi High Court on Friday issued notice to the Delhi Metro Rail Corporation (DMRC) after concessionaire Delhi Airport Metro Express (DAMEPL), an Anil Ambani company, sought early payment of 75% of the arbitral award of Rs 4,670 crore that it won recently. Justice Vibhu Bakhru sought response from DMRC on the plea of the petition filed by DAMEPL, a subsidiary of Reliance Infrastructure, seeking early payment of the award, claiming it was paying Rs 65 lakh per day to its lenders, comprising public and other banks, since the termination of its agreement with DMRC to run the Airport Metro line. The company claimed a total compensation of Rs 4,670 crore, which includes the penalty and the interest on it from DMRC.

The compensation covers damage as a result of a breach by DMRC of its obligations under the concession agreement and material adverse effect on the ability of DAMEPL to perform its obligations under the concession pact. Senior advocate P Chidambaram, appearing for the concessionaire, argued that it has been paying Rs 18 -20 crore a month since July 2013 for servicing the debt and has already shelled out over Rs 1,070 crore towards payment of interest with the initial capital still remaining as outstanding.

  1. K
    Kamal
    May 20, 2017 at 8:12 am
    Stupid idea, would have rocked if connected Gurugram instead of airport.
    Reply

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