Reliance Infrastructure wins arbitration worth over Rs.4660 cr against Delhi Metro
Reliance Infrastructure wins arbitration worth over Rs.4660 cr against Delhi Metro
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The Supreme Court on Thursday upheld an arbitration award worth over Rs 4,660 crore in favour of a subsidiary company owned by entrepreneur Anil Ambani’s Reliance Infrastructure, according to reports.

It is In a crucial victory of Anil Ambani, that his Company has won a 4-year battle for control of money from an arbitration award that it wants to use to repay its lenders. A two-judge panel of the Supreme Court upheld the 2017 arbitration award in favour of Ambani's Metro rail service that will get it over Rs 4,500 crore, including the interest, though the original arbitral award was of Rs 2800 crore plus interest, payable by DMRC The case pertains to a 2008 agreement between Reliance and DMRC for Delhi Airport Express on BOT basis that was terminated by Reliance in 2012, leader to DMRC going into the arbitration.

In 2017, the arbitral tribunal awarded damages to be paid by DMRC to the Reliance Infrastructure Arm. The award was upheld by Delhi High Court in 2018, but it was struck down by a Division Bench of the HC in 2019, leading to Reliance Infra moving the Apex Court. Anil is already contesting a personal insolvency case while his telecom firms are in bankruptcy. During the hearing, his lawyers had said that Reliance will use the money to pay the lenders. It prompted the Supreme Court to bar banks from making the company's accounts as NPA. The final ruling also lifts the court's restriction on the lenders.

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