Delhi Metro Rail Corporation Latest English news | Delhi Metro Rail Corporation Online News in English at Lokmattimes.com

The Delhi High Court on Thursday directed Delhi Metro Rail Corporation (DMRC) to pay Rs 824.10 crore to Reliance Infrastructure subsidiary Delhi Airport Metro Express Private Limited (DAMEPL) within two weeks.The Bench of Justice Suresh Kumar Kait in a Judgement passed on Thursday said, "out of the funds available under the head Total DMRC Funds of Rs 1,452.10 cores, the judgment debtor is directed to keep aside an amount of Rs.628 crores (Rs.514+ Rs.114 crores) towards statutory expenses as mentioned hereinabove and from the remaining amount, part payment of decretal amount be made within two weeks.""For the remaining outstanding amount, the judgment debtor is directed to make the payments in two equal instalments within two months. The first instalment shall be paid on or before 30.04.2022 and the second instalment shall be made on or before 31.05.2022," said the judgement.Court further added that "The award dated 11.05.2017 has attained finality and cannot be allowed to remain as a paper award, therefore, the judgment debtor is duty-bound to either divert its finds shown to be available in different heads mentioned in the affidavit of 14.02.2022 after seeking permission of the Central Government, if necessary or raise loans to satisfy the award."Recently, DMRC had filed a fresh affidavit in Delhi High Court comprising of its balance sheet (FY 20-21) and details of all bank accounts and fixed deposits.The Delhi High Court earlier had directed DMRC to provide details of funds in its bank account in connection with a Reliance Infrastructure subsidiary's, DAMEPL plea for the execution of an arbitral award against it.The Reliance Infrastructure's subsidiary Delhi DAMEPL had recently filed a fresh application requesting Delhi High Court to direct 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, had rejected any out of court negotiations/ settlement or assignment of debt to the DMRC. DAMEPL plea stated, "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, Reliance Infrastructure 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 paying Rs 7,200 crores to the company. DMRC, out of Rs 7,200 crores, has so far paid only Rs 1,000 crores.The SC, on 7 September 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, 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 7,200 crore that it won against the DMRC. The award has also been upheld by the Supreme Court.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.( With inputs from ANI )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

Delhi Metro Rail Corporation, NewsFOLLOW

Delhi metro rail corporation, Latest News

The Delhi High Court has directed the Delhi Metro Rail Corporation (DMRC) to pay the outstanding award amount to Reliance Infrastructure subsidiary's Delhi Airport Metro Express Private Limited (DAMEPL) within four weeks. ...

New Delhi, Aug 10 Delhi Metro Rail Corporation has set up 169 additional ticket office machines at the ... ...

Delhi Transport Corporation (DTC) and Delhi Metro Rail Corporation (DMRC) on Friday signed a Memorandum of Understanding (MoU) for the development of land parcels and bus terminals in the national capital. ...

Train services on Delhi Metro's Blue line (Dwarka sector 21- Vaishali or Noida Electronic City) were delayed after damage to the Over Head Electrification wire during the morning rush hours on Thursday, according to Delhi Metro Rail Corporation (DMRC ...

Train services on Delhi Metro's Blue line (Dwarka sector 21- Vaishali or Noida Electronic City) were delayed after damage to the Over Head Electrification wire during the morning rush hours on Thursday, according to Delhi Metro Rail Corporation (DMRC ...

It was April 2021 when I was also found to be infected with Covid, after a first dose of ... ...

Services on the Blue Line of Delhi Metro were disrupted briefly due to a passenger on the track at Tilak Nagar, informed the Delhi Metro Rail Corporation on Friday morning. ...

The Delhi High Court on Thursday directed Delhi Metro Rail Corporation (DMRC) to pay Rs 824.10 crore to Reliance Infrastructure subsidiary Delhi Airport Metro Express Private Limited (DAMEPL) within two weeks. ...