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SC asks Delhi Metro to pay Rs 60 cr to Reliance Infrastructure

Tribunal heard submissions made by both the parties and, after 68 hearings, issued its final order

Megha Manchanda  |  New Delhi 

Trial run on Metro's ITO-Kashmere Gate section begins

The on Monday rejected a petition filed by Rail Corporation challenging the Delhi High Court Order directing it to release Rs 60 crore as interim payment to after the latter won a Rs 2,950 crore arbitration award against for the alleged breach of the agreement on the Airport Express line.

The apex court directed to release the interim payment to the lenders of Delhi Airport Express Pvt Ltd. (DAMEPL), a subsidiary of Ltd, within a week i.e by June 26.

The vacation bench of the in its order said, "We see no reason to interfere with the impugned judgment and order passed by the High Court."

Last month won the arbitration award against According to sources, if the interest of Rs 1,775 crore is included, the total goes up to Rs 4,725 crore, possibly the largest arbitration award.

The compensation covers damages as a result of the alleged breach by of its obligations under the Concession Agreement and Material Adverse Effect.

The award was has been granted on the basis of termination provisions of the concession agreement, in accordance with which the arbitration tribunal has held the termination of the contract by valid, had said in a statement.

The arbitration award was given by a three-member arbitration tribunal, formed out of a DMRC-nominated panel, which heard the case for about three and a half years.

The tribunal heard the submissions made by both the parties and after 68 hearings issued its final order.

Under the government-approved guidelines given by the Aayog, public sector undertakings are expected to pay 75 per cent of the award amount against a bank guarantee even if they want to challenge the award.

had terminated the concession agreement with for the Airport Metro line on October 8, 2012.

Commercial operations of the Airport Express started in February 2011 and were suspended when a faulty civil structure was detected in July 2012 and the project was handed over to in July 2013.

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SC asks Delhi Metro to pay Rs 60 cr to Reliance Infrastructure

Tribunal heard submissions made by both the parties and, after 68 hearings, issued its final order

Tribunal heard submissions made by both the parties and, after 68 hearings, issued its final order
The on Monday rejected a petition filed by Rail Corporation challenging the Delhi High Court Order directing it to release Rs 60 crore as interim payment to after the latter won a Rs 2,950 crore arbitration award against for the alleged breach of the agreement on the Airport Express line.

The apex court directed to release the interim payment to the lenders of Delhi Airport Express Pvt Ltd. (DAMEPL), a subsidiary of Ltd, within a week i.e by June 26.

The vacation bench of the in its order said, "We see no reason to interfere with the impugned judgment and order passed by the High Court."

Last month won the arbitration award against According to sources, if the interest of Rs 1,775 crore is included, the total goes up to Rs 4,725 crore, possibly the largest arbitration award.

The compensation covers damages as a result of the alleged breach by of its obligations under the Concession Agreement and Material Adverse Effect.

The award was has been granted on the basis of termination provisions of the concession agreement, in accordance with which the arbitration tribunal has held the termination of the contract by valid, had said in a statement.

The arbitration award was given by a three-member arbitration tribunal, formed out of a DMRC-nominated panel, which heard the case for about three and a half years.

The tribunal heard the submissions made by both the parties and after 68 hearings issued its final order.

Under the government-approved guidelines given by the Aayog, public sector undertakings are expected to pay 75 per cent of the award amount against a bank guarantee even if they want to challenge the award.

had terminated the concession agreement with for the Airport Metro line on October 8, 2012.

Commercial operations of the Airport Express started in February 2011 and were suspended when a faulty civil structure was detected in July 2012 and the project was handed over to in July 2013.
image
Business Standard
177 22

SC asks Delhi Metro to pay Rs 60 cr to Reliance Infrastructure

Tribunal heard submissions made by both the parties and, after 68 hearings, issued its final order

The on Monday rejected a petition filed by Rail Corporation challenging the Delhi High Court Order directing it to release Rs 60 crore as interim payment to after the latter won a Rs 2,950 crore arbitration award against for the alleged breach of the agreement on the Airport Express line.

The apex court directed to release the interim payment to the lenders of Delhi Airport Express Pvt Ltd. (DAMEPL), a subsidiary of Ltd, within a week i.e by June 26.

The vacation bench of the in its order said, "We see no reason to interfere with the impugned judgment and order passed by the High Court."

Last month won the arbitration award against According to sources, if the interest of Rs 1,775 crore is included, the total goes up to Rs 4,725 crore, possibly the largest arbitration award.

The compensation covers damages as a result of the alleged breach by of its obligations under the Concession Agreement and Material Adverse Effect.

The award was has been granted on the basis of termination provisions of the concession agreement, in accordance with which the arbitration tribunal has held the termination of the contract by valid, had said in a statement.

The arbitration award was given by a three-member arbitration tribunal, formed out of a DMRC-nominated panel, which heard the case for about three and a half years.

The tribunal heard the submissions made by both the parties and after 68 hearings issued its final order.

Under the government-approved guidelines given by the Aayog, public sector undertakings are expected to pay 75 per cent of the award amount against a bank guarantee even if they want to challenge the award.

had terminated the concession agreement with for the Airport Metro line on October 8, 2012.

Commercial operations of the Airport Express started in February 2011 and were suspended when a faulty civil structure was detected in July 2012 and the project was handed over to in July 2013.

image
Business Standard
177 22