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RInfra case: Delhi HC grants DMRC four days to file reply

Delhi Airport Metro Express petitioned Delhi HC for early payment of arbitration award

IANS  |  New Delhi 

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Delhi Metro Rail Corporation (DMRC)

The High on Friday granted four days time to the Rail Corporation (DMRC) to file its reply in the RInfra case, according to sources.

The next hearing will be on May 29, 2017.

The high said it will dispose off the matter before vacations starting on June 1, 2017 in view of the huge interest burden on the petitioner.

The Airport Express Private Limited (DAMEPL), a subsidiary of Reliance Infrastructure, on Wednesday petitioned the High for early payment of the award it has won against the

According to the company, the petition has been filed in the High under Section 9 of the and Conciliation Act, 1996 for early payment of the award.

Last week, the RInfra-promoted DAMEPL was awarded total compensation of Rs 4,670 crore by a three-member Arbitral Tribunal in an unanimous decision against the

"Under GOI-approved guidelines issued by Niti Aayog vide their Office Memorandum dated September 5, 2016, Public Sectir Undertakings (PSUs) are to pay 75 per cent of the award amount, even if they propose to challenge the arbitral award," the company said in a statement.

"RInfra is thus expected to receive Rs 3,500 crore as per the above guidelines," it contended.

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RInfra case: Delhi HC grants DMRC four days to file reply

Delhi Airport Metro Express petitioned Delhi HC for early payment of arbitration award

Delhi Airport Metro Express petitioned Delhi HC for early payment of arbitration award
The High on Friday granted four days time to the Rail Corporation (DMRC) to file its reply in the RInfra case, according to sources.

The next hearing will be on May 29, 2017.

The high said it will dispose off the matter before vacations starting on June 1, 2017 in view of the huge interest burden on the petitioner.

The Airport Express Private Limited (DAMEPL), a subsidiary of Reliance Infrastructure, on Wednesday petitioned the High for early payment of the award it has won against the

According to the company, the petition has been filed in the High under Section 9 of the and Conciliation Act, 1996 for early payment of the award.

Last week, the RInfra-promoted DAMEPL was awarded total compensation of Rs 4,670 crore by a three-member Arbitral Tribunal in an unanimous decision against the

"Under GOI-approved guidelines issued by Niti Aayog vide their Office Memorandum dated September 5, 2016, Public Sectir Undertakings (PSUs) are to pay 75 per cent of the award amount, even if they propose to challenge the arbitral award," the company said in a statement.

"RInfra is thus expected to receive Rs 3,500 crore as per the above guidelines," it contended.
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Business Standard
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RInfra case: Delhi HC grants DMRC four days to file reply

Delhi Airport Metro Express petitioned Delhi HC for early payment of arbitration award

The High on Friday granted four days time to the Rail Corporation (DMRC) to file its reply in the RInfra case, according to sources.

The next hearing will be on May 29, 2017.

The high said it will dispose off the matter before vacations starting on June 1, 2017 in view of the huge interest burden on the petitioner.

The Airport Express Private Limited (DAMEPL), a subsidiary of Reliance Infrastructure, on Wednesday petitioned the High for early payment of the award it has won against the

According to the company, the petition has been filed in the High under Section 9 of the and Conciliation Act, 1996 for early payment of the award.

Last week, the RInfra-promoted DAMEPL was awarded total compensation of Rs 4,670 crore by a three-member Arbitral Tribunal in an unanimous decision against the

"Under GOI-approved guidelines issued by Niti Aayog vide their Office Memorandum dated September 5, 2016, Public Sectir Undertakings (PSUs) are to pay 75 per cent of the award amount, even if they propose to challenge the arbitral award," the company said in a statement.

"RInfra is thus expected to receive Rs 3,500 crore as per the above guidelines," it contended.

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Business Standard
177 22