Delhi HC grants time to DMRC to pay remaining arbitral amount to DAMEPL
.webp)
The Delhi High Court on Monday granted time to Delhi Metro Rail Corporation till August 5, after noting that it has called for a proposal from banks for the loan so that it can pay the remaining Arbitral Award amount to Delhi Airport Metro Express Private Limited (DAMEPL).
Justice V Kameswar Rao granted time to DMRC after hearing the submission of the application moved by DAMEPL seeking enforcement of the arbitration award of May 11, 2017. Now the matter has been listed for August 16 for further hearing.
DMRC's Counsel told the bench that it expects to process the bids of the banks by July 10 and sign the loan documents by August 15.
The bench after noting the submission granted time to DMRC and directed it to comply with the direction on or before August 5. The bench also called for an affidavit mentioning the break up of the payments to DAMEPL within one week after complying with the direction.
On March 10, the High Court had directed DMRC to pay the entire arbitration amount of Rs 4600 crore along with the interest in two equal instalments in two months. The Supreme Court upheld the order on May 5.
DAMPEL in the present petition has stated that even after the direction of the High Court DMRC has made a payment of Rs 166.44 crore out of the total arbitral amount. It claimed that Rs 4427.41 crores are still outstanding. Therefore the bank accounts and other such assets should be attached.
The arbitration award was based on an agreement between the DMRC and DAMPEL in 2008 to develop and operate the orange line of the Delhi Metro connecting the Indira Gandhi International Airport's Terminal-3 to Sector 21 Dwarka.
Other Latest News
.webp)
Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
.webp)
Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
.webp)
Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
.webp)
Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
.webp)
National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
.webp)
.webp)
.webp)
.webp)
.webp)
