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Delhi High Court has asked Axis Bank to maintain the status quo on the issue of replacing PS Toll Road Pvt Ltd (PSTR) as the concessionaire of the Pune Satara Toll Road Project. PS Toll Road Pvt Ltd is a subsidiary of Reliance Infrastructure Ltd and was awarded the contract for six laning of 140 km road between Pune and Satara in Maharashtra on a BOT basis. However, Axis Bank wanted to bring in a new concessionaire after PSTR defaulted on payments and had even invited bids from interested players. Reliance Infra had challenged the move by Axis Bank.
PSTR sought a direction from the court to Axis Bank to remain bound by what was recorded in orders dated February 3, 2021 and March 3, 2021, whereby, on their own undertaking, the bank stood restrained from taking any action for substitution of the concessionaire. Axis bank had asked the court that they may be permitted to accept bids, for substitution of the petitioner, till February 1, 2021, being the last date , but undertook that the bank would not take any further action thereon, including by way of substitution of the petitioner, without leave of the court. PSTR submitted that in breach of the undertaking, the bank is now seeking to finalise awarding of a contract to a third party, thereby substituting the concessionaire.
The Delhi HC will hear the case again on September 28 .
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