Tuesday , October 26 2021

DMRC board meeting likely today, arbitration amount issue may figure: Sources

dmrc board meeting today
Image Source : PTI

DMRC board meeting likely today, arbitration amount issue may figure: Sources

The Board of Directors of the Delhi Metro Rail Corporation is likely to meet today and the issue of arbitration amount to be given to Anil Ambani group firm, Delhi Airport Metro Express Pvt Ltd (DAMEPL), may figure, sources said on Wednesday. The Supreme Court on September 9 had upheld the 2017 arbitration award worth over Rs 4,600 crore in favour of the firm, enforceable against the DMRC.

DMRC sources said its board of directors is likely to meet today and the arbitration amount is expected to be on the agenda.

On September 9, a bench of the apex court headed by Justice L Nageswara Rao had quashed the Delhi High Court order that had set aside the arbitration award in favour of DAMEPL, which had pulled out from running the Airport Express metro line over safety issues.

On the day of the judgement, the DMRC in a statement had said, “The judgment is being currently analysed for future course of action”.

Reliance Infrastructure will receive Rs 7,100 crore from the Delhi Metro Rail Corporation (DMRC) after the Supreme Court judgement, the company’s chairman Anil Ambani had told shareholders last week.

Queries to the DMRC on the dues to be given to the company did not elicit any response.

The arbitral tribunal in its May 2017 award had accepted the airport metro operator’s claim that the running of operations on the line was not viable due to reasons such as structural defects.

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.

Also Read: Technical glitch hits Delhi Metro’s Blue Line, passengers stranded for over almost 40 mins

Also Read: Delhi: DMRC’s Grey Line inaugurated at Najafgarh-Dhansa Bus Stand corridor

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