homelegal NewsDMRC to deposit Rs 1,000 crore in escrow account in arbitration case versus Reliance Infra
DMRC to deposit Rs 1,000 crore in escrow account in arbitration case versus Reliance Infra
Presenting its case in the Delhi High Court, DMRC has argued that the payable amount is Rs 5,000 crore as against Reliance Infra's claim of Rs 7,100 crore. However, it has agreed to deposit Rs 1,000 crore in an escrow account in the next 48 hours.
Delhi Metro Rail Corporation (DMRC) has disputed the payable amount in the arbitral dispute with Reliance Infra. Presenting its case in the Delhi High Court, DMRC has argued that the payable amount is Rs 5,000 crore as against Reliance Infra's claim of Rs 7,100 crore. However, it has agreed to deposit Rs 1,000 crore in an escrow account in the next 48 hours.
The execution petition was filed by the Delhi Airport Metro Express Pvt Ltd (DAMEPL) against DMRC to get the Supreme Court order enforced, which had upheld the Rs 7,100 crore arbitration award in favour of the company.
In its argument, DMRC has also cited a proposal to take over Reliance Infra debt in the project saying that banks may be more “sympathetic” to it.
Over three months have passed since the pronouncement of the order by the Supreme Court in favour of DAMEPL, where the apex court had dismissed the review petition of DMRC.
Case background in brief:
(Edited by : Abhishek Jha)
First Published: Dec 6, 2021 1:55 PM IST
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