The Delhi High Court on Wednesday asked the Delhi Metro Rail Corporation (DMRC) to submit its bank details within a week of hearing an enforcement motion filed by Delhi Airport Metro Express Pvt Ltd ( DAMEPL) to order the Delhi Metro Rail Corporation (DMRC) to pay the amount it won in an arbitration dispute.
Judge Suresh Kumar Kait’s bench noted DMRC’s submission informing the court that he had Rs 1,642 crore in his bank account. After taking note, the court ordered DMRC to file an affidavit containing details of its bank accounts as well as the amount of the balance.
Judge Kait also said there was no such embargo on his bank accounts, while the seizure of DMRC properties was not allowed. However, Solicitor General Tushar Mehta appearing for DMRC today argued that although the sentence cannot be challenged, a certain sum has been deposited.
The court then registered the case for January 11, 2022, for a new hearing. Previously, the DMRC informed the Delhi High Court that it had agreed to deposit Rs 1,000 crore into an escrow account and requested more time to calculate the amount to be paid in the arbitration dispute with Delhi Airport Metro Express Pvt Ltd (DAMEPL) of Reliance Infrastructure.
DMRC disputed the amount to be paid in the arbitration dispute with Reliance Infrastructure in its case before the Delhi High Court, DMRC argued that the amount to be paid is Rs 5,000 crore compared to Reliance Infra’s claim of Rs 7 100 crore. Reliance Infrastructure recently approached the Delhi High Court and sought court instructions from the Delhi Metro Rail Corporation (DMRC) for the payment of an arbitration award of Rs 7,100 crore to the company.
The plea sought an order for the execution of the award dated May 11, 2017, issued by the arbitral tribunal and ordered the judgment debtor to pay the holder of the decree a sum of Rs 7,045.41 crore on the date filing of this request, with interest at the rate of SBI PLR +2 percent on Rs 4,499.37 crores from September 11, 2021, until the date of payment of said sum, and interest at the rate of 11 percent on Rs 210.16 crores from September 11, 2021, until the date of payment of the said sum, means invoked.
She also sought an order for the seizure and sale of movable and immovable property and / or for the seizure and collection of bank accounts and other assets of the judgment debtor in the amount of Rs. 7,045.41 crore and the proceeds of the sale of these can be paid to the holder of the decree to comply with the decree.
The Supreme Court has already dismissed DMRC’s petition for review against the order of the Supreme Court, which upheld the Rs 7,100 crore arbitration award in favor of Reliance Infrastructure branch, Delhi Airport Metro Express Pvt Ltd (DAMEPL) , which operated Delhi Airport. Underground line. The Supreme Court (SC) in its order of September 9 upheld the arbitration award of Rs 7,100 crore in favor of Delhi Airport Metro Express Private Limited (DAMEPL).
A bench of the Supreme Court led by Judge L Nageswara Rao overturned the order of the Delhi High Court which had set aside the arbitration award in favor of DAMEPL, which had withdrawn from the operation of the Airport Express metro line for security reasons, according to the petition.
The arbitral tribunal in its award of May 2017 had accepted DAMEPL’s claim that the operation of the line was not viable for reasons such as structural defects. In 2008, DAMEPL entered into a contract with DMRC for the operation of the airport metro line until 2038.
As disputes arose between the parties, DAMEPL ceased to operate the metro on the airport line and invoked the arbitration clause against DMRC alleging breach of contract and requested termination compensation.
(With entries from ANI)
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Posted on: Thursday December 23, 2021 9:35 am IST