Reliance Infrastructure moves Delhi High Court seeking arbitration award from DMRC
NEW DELHI: Reliance Infrastructure's (RInfra) subsidiary Delhi Airport Metro Express Private (DAMEPL) has moved the Delhi High Court seeking execution of the arbitration award of Rs 5,200 crore it had won against Delhi Metro Rail Corporation (DMRC).
According to a company statement issued on Tuesday: "In its petition filed under section 36 of the Arbitration and Conciliation Act in the division bench headed by Chief Justice of Delhi HC, DAMEPL has sought an order for the execution of the award dated May 11, 2017 passed by the Arbitral Tribunal and direct DMRC to pay Rs 5,200 crore."
The claim includes the principal amount of Rs 2,945.54 crore along with interest as on date.
The development comes after Delhi High Court on March 6, 2018, upheld the arbitration award as compensation along with interest to DAMEPL by a three-member arbitration tribunal.
Rinfra was awarded the compensation by the arbitration tribunal in a unanimous decision after 68 sittings over four years on the basis of termination provisions of the 'Concession Agreement'.
DAMEPL had terminated the agreement with DMRC to run the 'Airport Express Line' in January 2013.
In June 2013, the project was handed over to DMRC and in the following September, a three-member arbitration tribunal was appointed from a panel proposed by DMRC to resolve the dispute.
The 'Airport Express Line' was commissioned in February 2011.