DELHI (Metro Rail News): On Monday, the Delhi High Court ordered the Delhi Metro Rail Corporation to explain how it plans to repay money owed to Anil Ambani’s Reliance Infrastructure-backed Delhi Airport Metro Express Pvt Ltd. (DAMEPL).
“On the next day of the hearing, I don’t want to hear anything here and there,” Justice Suresh Kumar Kait declared while hearing a case related to the 2017 arbitral ruling pertaining to the Delhi Airport Metro Express Line. Otherwise, you may be subjected to an unfavourable order.
While the Reliance Infra-led firm is requesting that the DMRC pay Rs 6,305.40 crores into the Project Escrow Account immediately, the DMRC has already told the court that it only has a total of Rs 6,208.03 crores in its bank accounts, including Rs 1,014.69 crore in profits.
The Supreme Court upheld the 2017 arbitral judgement, which relates to the Delhi Airport Metro Express Line, in September 2021. Only revenues of the metro railway administration can be attached by a court in the execution of a decree or order, according to Section 89 of The Metro Railways Act, 2002.
The DAMEPL said in the latest application before the court that “The non-payment of Termination Payment since 2013 (for over eight years) by the Judgement Debtor [DMRC] has caused immense damage to the Decree Holder [DAMEPL] and its Promoter, Reliance infrastructure Limited. Reliance Infrastructure Limited has infused/funded Rs 2,513.04 crore to the DAMEPL until March 31, 2018, by taking loans from public sector banks. Accordingly, proceedings for liquidation have been initiated against Reliance Infrastructure Limited.”
Despite the Supreme Court’s upholding of the verdict, Reliance Infra has been suffering an enormous and irreparable loss on a daily basis, according to the statement. The DAMEPL has also said in the application that it does not agree to any debt assignment or takeover by the DMRC.
The DMRC said in an affidavit filed with the court earlier this month that it has a total of 1642.69 crore in earnings, but that Rs 514 crore is committed liability “due to employees on the account. Of leave salary and post-retirement expenses.” In addition, rs 114 crore is a portion of smart card security deposits refundable to commuters.
According to the information given to the court, the balance of the 6,208.03 crores available with the DMRC has already been allotted for its different projects, both within and outside Delhi. A significant sum – Rs 2,869.33 crores – has been aside for the Metro’s build stages III and IV.
The DMRC had claimed before the court on December 22 that paying the payment to the DAMEPL right away was a matter of national interest and that if the Metro is stopped, there will be a significant difficulty.
