Reliance Infrastructure's (Rinfra) subsidiary Damepl, which was working the Delhi Metro's Airport Express line here, moved the Delhi High Court today, looking for the execution of the arbitration award of Rs 5,200 crore, including interest of over Rs 2,000 crore, it had won against the Delhi Metro Rail Corporation (DMRC).
Advocte Mahesh Aggarwal affirmed that the Delhi Airport Metro Express Private Limited (DAMEPL) had documented a petition, seeking the execution of the arbitration award the organization had won against DMRC.
The appeal to was required to come up for hearing this week, he said.
The improvement comes after the high court, on March 6, coordinated DMRC to pay the arbitral honor to DAMEPL within a month.
The court had expelled DMRC's plea against the Arbitral Tribunal's May, 2017 order, asking it to make payments to DAMEPL, in the case related with the Airport Express premium corridor.
The court had permitted a different pleaa of DAMEPL, the previous concessionaire of the Airport Express line, for an early installment of 75% of the arbitral award in its favour.
As indicated by the DAMEPL's earlier plea, the concession agreement was signed by the two parties on August 25, 2008. Under the agreement, DMRC was to carry out the civil works, excluding at the depot, and the balance, including the project systems works, were to be executed by DAMEPL.
The Airport Express line was appointed on February 23, 2011 after an investment of Rs 2,885 crore, funded by the DAMEPL's promoters' funds, banks and financial institutions.
DAMEPL had said it had ended the concession agreement as DMRC had not cured certain deformities in the Airport Express line inside 90 days of a notice issued by it.
It had likewise said the agreement had come to effect from January 1, 2013 and the project was given over to DMRC on June 30, 2013. Till the handing over of the project, DAMEPL had operated the line as an esteemed agent of DMRC, it had said.
The arbitration was gone into in August, 2013 after endeavors to genially resolve the issue did not yield any outcome.
DAMEPL is a joint venture of Rinfra and a Spanish construction organization - Construcciones Y Auxiliar De Ferrocarriles - with a shareholding of 95 and 5% respectively.
