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Delhi Airport Metro Express Pvt Ltd (DAMEPL), a subsidiary of Reliance Infrastructure Ltd (RInfra), today filed a petition in the Delhi High Court under Section 9 of the Arbitration and Conciliation Act, 1996 for an early payment of the arbitration award.
RInfra promoted DAMEPL was awarded a total compensation of Rs 4,670 crore by a three-member arbitral tribunal in a unanimous decision last week against Delhi Metro Rail Corporation (DMRC).
"Under GOI approved guidelines issued by Niti Ayog vide their Office Memorandum dated September 5, 2016, PSUs are to pay 75 per cent of the award amount, even if they propose to challenge the arbitral award. RInfra is thus expected to receive Rs 3,500 crore as per the above guidelines," the company said in a statement.
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