In what has turned out to be a serious victory for Delhi Metro Rail Company (DMRC), the Supreme Courtroom held that the PSU was not obliged to pay Rs 8,000 crore to Anil Ambani-owned Reliance Infrastructure agency, Delhi Airport Metro Categorical Pvt Ltd (DAMEPL). A bench headed by Chief Justice DY Chandrachud allowed the healing plea of the DMRC towards the dismissal of its revision plea towards a 2017 arbitral award.
The apex court docket dismissed the arbitral award asking DMRC to pay Rs 8,000 crore to DAMEPL. The court docket allowed DMRC’s healing petition searching for the reversal of a court docket’s 2021 judgment that upheld the arbitration award in favour of Delhi Airport Metro.
Shares of Reliance Infrastructure Ltd hit a decrease circuit of 20 per cent in morning offers at present. Its shares fell 20 per cent to Rs 227.40 towards the earlier shut of Rs 284.20 on BSE. Market cap of the agency fell to Rs 9,008 crore.
CJI Chandrachud stated that the sooner judgment of the court docket resulted in miscarriage of justice. He additionally ordered the proceedings within the execution petition filed by Delhi Airport Metro within the Delhi Excessive Courtroom to be discontinued and directed all quantities paid by DMRC to Delhi Airport Metro to be refunded.
The Delhi Airport Metro Categorical had gained the arbitration award DMRC in 2017. It had argued that working trains on the airport line was not viable resulting from structural defects within the viaduct made by the DMRC. In September 2021, the highest court docket upheld the arbitral award.
In November 2021, the Supreme Courtroom dismissed a evaluate petition filed by DMRC within the case, and subsequently in August 2022, DMRC filed a healing petition within the Supreme Courtroom towards the arbitral award.