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

10 Sep 2021 CW Team

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.

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