+
SC directs DMRC to pay Rs 2,800 cr to Reliance Infra in arbitral award
ECONOMY & POLICY

SC directs DMRC to pay Rs 2,800 cr to Reliance Infra in arbitral award

On September 9, the Supreme Court upheld the Rs 2,800 crore arbitral award of Reliance Infrastructure, ordering DMRC to pay damages worth Rs 2,800 crore plus interest to the Reliance Infrastructure arm.

The case concerns a 2008 contract between DMRC and Reliance Infrastructure for Delhi Airport Express on a Build–operate–transfer (BOT) basis. Reliance Infrastructure cancelled the deal in 2012.

DMRC requested an arbitration clause asking to initiate arbitration. The Arbitral Tribunal granted damages to the Reliance Infrastructure arm in 2017 and ordered DMRC to pay Rs 2,800 crore plus interest.

In 2018, a Single Judge Bench of Delhi High Court upheld the grant and ordered DMRC to pay damages.

But, in relief to DMRC, the Division Bench of Delhi High Court set aside the arbitral award in 2019.

Reliance Infra then moved the Supreme Court to challenge the Delhi High Court judgment to set aside the arbitral award.

Following the report, Reliance Infra shares hit a 5% upper circuit.

The stock was trading at Rs 74.15, surged by Rs 3.50, or 4.95%. It reached an intraday high of Rs 74.15 and an intraday low of Rs 71.30. There were pending purchase orders of 938,284 shares, with no sellers available.

Image Source

On September 9, the Supreme Court upheld the Rs 2,800 crore arbitral award of Reliance Infrastructure, ordering DMRC to pay damages worth Rs 2,800 crore plus interest to the Reliance Infrastructure arm. The case concerns a 2008 contract between DMRC and Reliance Infrastructure for Delhi Airport Express on a Build–operate–transfer (BOT) basis. Reliance Infrastructure cancelled the deal in 2012. DMRC requested an arbitration clause asking to initiate arbitration. The Arbitral Tribunal granted damages to the Reliance Infrastructure arm in 2017 and ordered DMRC to pay Rs 2,800 crore plus interest. In 2018, a Single Judge Bench of Delhi High Court upheld the grant and ordered DMRC to pay damages. But, in relief to DMRC, the Division Bench of Delhi High Court set aside the arbitral award in 2019. Reliance Infra then moved the Supreme Court to challenge the Delhi High Court judgment to set aside the arbitral award. Following the report, Reliance Infra shares hit a 5% upper circuit. The stock was trading at Rs 74.15, surged by Rs 3.50, or 4.95%. It reached an intraday high of Rs 74.15 and an intraday low of Rs 71.30. There were pending purchase orders of 938,284 shares, with no sellers available. Image Source

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors.To read full article Click Here ..

Next Story
Real Estate

Glass, Reframed!

Glass façades, quintessential aesthetic building envelopes globally, have been widely adopted in India as well. But when the focus is high-performance building systems that deliver energy efficiency, comfort and architectural identity, glass isn’t the only preference. Combination solutions, involving glass and some other material, improve façade outcomes. Some combinations come at comparable prices, some at a higher price. Here is a selection of performance-oriented solutions...To read the full story Click Here ..

Next Story
Infrastructure Urban

Beyond Building Faster

India’s cities are expanding at an unprecedented pace, bringing new infrastructure and development opportunities while also intensifying challenges around mobility, public spaces, liveability and supporting infrastructure. The question, therefore, is not simply whether India can build faster, but whether it can build cities that work better.At a CW webinar, Are We Designing Better Cities – or Just Building Faster?, moderator Ar. Samir Shaikh, Founding Principal, AR&UD Studio, brought together perspectives from design, development, master planning and technology...To read the full artic..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code