Latest laws Helping good people to do good things.June 21,2017
Just last month Reliance Infrastructure won the Arbitration Award against DMRC for ₹4,725 Crore.
On Monday, the Apex Court rejected a petition filed by Delhi Metro Rail Corporation(DMRC) challenging the Delhi HC Order directing it to release ₹60 crore as interim payment to Reliance Infrastructure after the latter won a ₹2,950 crore arbitration award against DMRC for alleged breach of agreement on the Airport Express line.
The Supreme Court directed DMRC to release interim payment to the lenders of Delhi Airport Express Private Ltd. (DAMEPL), a subsidiary of Reliance Infrastructure Ltd., within a week i.e by 26th June.
The vacation bench of the Apex Court said that “We don’t see any reason to interfere with the impugned judgment & order passed by the HC.”
Reliance Infrastructure won the arbitration award last month against DMRC. According to the sources, if the interest of ₹1,775 crore is included, the total goes up to ₹4,725 crore, possibly the largest arbitration award ever.
Compensation covers damages as a result of the alleged breach by DMRC of its obligations under the Concession Agreement & Material Adverse Effect.
Reliance Infrastructure had said in a statement that the award has been granted on the basis of termination provisions of concession agreement, in accordance with which the arbitration tribunal has held termination of the contract by DAMEPL valid.
Arbitration award was given by a 3-member arbitration tribunal which was formed out of a DMRC-nominated panel, which heard the case for about 3 & a half years.
