New Delhi, Jan 4 The DMRC on Wednesday notified the high court that the Delhi government is not inclined to contribute towards the payment of unpaid dues of arbitral award to Delhi Airport Metro Express Private Ltd (DAMEPL), promoted by Reliance Infrastructure.
The Delhi government has claimed that it is not inclined to offer Rs 3565.64 crore towards equity for payment of the arbitral sum with interest, according to the affidavit filed by the Delhi Metro Rail Corporation (DMRC).
Before a single-judge bench Yashwant Sharma, the Central government and DMRC, represented by Attorney General R. Venkataramani, informed the court that the issue was being actively considered and deliberated by the relevant authorities, and that they anticipated a resolution by January 16.
The court listed the matter for next hearing on January 19.
The Delhi government stated that the shareholders cannot be held accountable for payments resulting from disputes or contractual defaults in its statement to the DMRC.
The DMRC informed the court that it may obtain funding to cover this liability through the open market, externally aided funds, or a loan from the Government of India.
The court is addressing a petition submitted by DAMEPL seeking enforcement of the arbitration award dated May 11, 2017. DMRC and DAMEPL entered into a contract in 2008 for the design, installation, commissioning, operation, and maintenance of the line.
The Supreme Court on December 14, 2022, also told Venkataramani, "we should not repeat again that on one hand, you give speeches everywhere that India should be a model arbitration hub", as it pulled up the Centre for its failure to pay an arbitral award for Rs 4,500 crore following a lawsuit filed by Reliance Infra against the DMRC.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor