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The Supreme Court on Monday refused to stay the Delhi High Court order in connection with the payment of Rs. 60 crore to a lender of Delhi Airport Metro Express Private, a former concessionaire for Airport Express line.
A vacation bench of the apex court headed by Justice D.Y. Chandrachud and also comprising Justice Sanjay Kishan Kaul refused to stay the order.
The DMRC had challenged the June 7 order of the High Court that upheld its single judge order asking it to pay the three months interest to DAMEPL.
This was ordered after DAMEPL, a subsidiary of Reliance Infrastructure, sought 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 DMRC, in its appeal, sought stay on the interim order on the grounds that it would amount to partial implementation of the award and would also be akin to the dismissal of its objections against the enforcement of award.
The Anil Ambani company had claimed a total compensation of Rs. 4,670 crore, which includes the penalty and the interest on it, from DMRC.
The compensation awarded by the arbitral tribunal in May covers damage as a result of a breach by the DMRC of its obligations under the concession agreement and material adverse effect on the ability of the DAMEPL to perform its obligations under the concession pact.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)