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RInfra's subsidiary plea: DMRC provides details of funds in its bank a/c

As per the filing, DMRC has Rs 5,694 crores in its various bank accounts, as against DAMEPL's claim of above Rs 6,208 crores

DMRC | Delhi High Court | Delhi Metro


Delhi Metro, DMRC
File Photo

Metro Rail Corporation (DMRC) on Wednesday filed a fresh affidavit in High Court comprising of its balance sheet (FY20-21) and details of all bank accounts and fixed deposits.

The High Court on the last date of hearing had directed to provide details of funds in its bank account in connection with a subsidiary's (DAMEPL) plea for the execution of an arbitral award against it.

As per the filing, has Rs 5,694 crores in its various bank accounts, as against DAMEPL's claim of above Rs 6,208 crores.

The bench of Justice Suresh Kumar Kait, who was hearing the execution petition by Delhi Airport Metro Express Private Limited (DAMEPL), on the last date of hearing had directed to share its balance sheet in relation to the year 2021 as well.

The subsidiary Delhi Airport Metro Express Pvt Ltd (DAMEPL) has recently filed a fresh application requesting to direct Rail Corporation Limited (DMRC) to deposit Rs 6,208 crores available in its various bank accounts into the project escrow account without any delay.

DAMEPL, in its fresh application, has rejected any out-of-court negotiations/settlement or assignment of debt to the DMRC. DAMEPL plea states, "The Decree Holder is not agreeable to settling the matter out of the Court. Accordingly, no alternate proposal by DMRC is acceptable to Decree Holder and that it presses for the execution on merits at the earliest."

The plea further stated that the delay in payment by DMRC is causing immense prejudice to DAMEPL and its Promoter, Limited. In case the reliefs as sought are not granted, the Decree Holder shall suffer irreparable loss and injury.

Earlier, DAMEPL had filed an execution petition in the Delhi HC on September 12, 2021, seeking the court's directions to DMRC for honouring the SC order and pay Rs 7,200 crores to the company. DMRC, out of Rs 7200 crores, has so far paid only Rs 1,000 crores.

The (SC), on September 7, 2021, had upheld the arbitration award of Rs 7,200 crores in favour of DAMEPL.

The Delhi High Court earlier remarked that Anil Ambani owned Reliance Infrastructure and its subsidiary, Delhi Airport Metro Express Private Limited (DAMEPL), is playing hide and seek with the Court and has not come before it with clean hands.

The remarks came while Justice Suresh Kumar Kait was hearing an execution petition filed by DAMEPL seeking enforcement of the arbitration award of Rs 7200 crore that it won against the DMRC. The award has also been upheld by the .

In 2008, DAMEPL had entered into a contract with DMRC for running the airport metro line till 2038. As disputes arose between the parties, DAMEPL stopped operating the metro on the airport line and invoked the arbitration clause against DMRC alleging violation of contract, and sought a termination fee.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, February 16 2022. 15:39 IST