New Delhi [India], December 5 (ANI): The Delhi High Court will hear Reliance Infrastructure's execution petition on Monday.
Reliance Infrastructure sought Delhi High Court's directions to Delhi Metro Rail Corporation (DMRC) for the payment of a Rs 7,100 crore arbitration award to the company. The matter will be heard in the court of Justice Suresh Kumar Kait.
Plea seeking an order of execution of the award dated May 11, 2017, passed by the Arbitral Tribunal and directing the Judgment Debtor to pay to the Decree Holder a sum of Rs. 7,045.41 crores as on the date of filing of the present petition, with interest at the rate of SBI PLR +2 per cent on Rs. 4499.37 crores from September 11, 2021, till the date of payment of the said sum, and interest at the rate of 11 per cent on Rs. 210.16 crores from September 11, 2021, till the date of payment of the said sum, stated plea.
It also sought an order of attachment and sale of both moveable and immovable properties and/or attachment and recovery of the Bank Accounts and other assets of the Judgment Debtor to the extent of Rs. 7,045.41 crores and the sale proceeds thereof may be paid to the Decree Holder towards satisfaction of the Decree.
The Supreme court has already dismissed the review petition filed by DMRC against the apex court order, that had upheld the Rs. 7,100 crore arbitral award in favour of Reliance Infrastructure arm, Delhi Airport Metro Express Pvt Ltd. (DAMEPL), that used to operate Delhi Airport Metro line.
The Supreme Court (SC) in its order on September 9 had upheld the Rs 7,100 crore Arbitral Award in favour of Delhi Airport Metro Express Private Limited (DAMEPL). A bench of the apex court headed by Justice L Nageswara Rao had quashed the Delhi High Court order that had set aside the arbitration award in favour of DAMEPL, which had pulled out from running the Airport Express metro line over safety issues, states petition.
The arbitral tribunal in its May 2017 award had accepted the DAMEPL's claim that the running of operations on the line was not viable due to reasons such as structural defects.
In 2008, DAMEPL had entered into a contract with DMRC for running 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 violation of contract and sought a termination fee. (ANI)