Reliance Infra subsidiary files  petition in the Delhi High court under Section 9 of the Arbitration and Conciliation Act, 1996

DAMEPL files Section 9 petition in Delhi High Court for urgent payment of arbitration award

Delhi Airport Metro Express Private Limited (DAMEPL), a subsidiary of Reliance Infrastructure Limited (RInfra), has filed a petition in the Delhi High court under Section 9 of the Arbitration and Conciliation Act, 1996 for an early payment of the Arbitration award.

RInfra promoted DAMEPL was awarded total compensation of Rs.4,670 crore  by a three member Arbitral Tribunal in a unanimous decision against the Delhi Metro Rail Corporation (DMRC). 

Under GoI approved guidelines issued by Niti Ayog vide their Office Memorandum dated September 5, 2016, PSUs are to pay 75 percent of the award amount, even if they propose to challenge the arbitral award. RInfra is thus expected to receive Rs.3,500 crore as per the above guidelines.

 

 


Leave a reply

Cancel Reply