RInfra asks HC for early payment of Rs 4,670 cr arbitration award from DMRC

Under the guidelines, RInfra is expected to receive Rs 3,500 crore from its arm DAMEPL

The Delhi Airport Metro Express (DAMEPL), a subsidiary of Reliance Infrastructure (RInfra), on Wednesday petitioned Delhi High Court for early payment of the arbitration award it has won against Delhi Metro Rail Corporation (DMRC).

According to the company, the petition has been filed in Delhi HC under Section 9 of the Arbitration and Conciliation Act, 1996 for an early payment of the arbitration award.

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

"Under GOI-approved guidelines issued by Niti Aayog vide their Office Memorandum dated September 5, 2016, 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.