RInfra firm DAMEPL asks Delhi HC for early payment of arbitration award

New Delhi May 17 (IANS) The Delhi Airport Metro Express Private Limited (DAMEPL) a subsidiary of Reliance Infrastructure on Wednesday petitioned Delhi High Court for early payment of the arbitration award it has won against Delhi Metro Rail Corporation (DMRC).

According to the company the petition has been filed in Delhi High Court under Section 9 of the Arbitration and Conciliation Act 1996 for an early payment of the arbitration award.

Last week the RInfra-promoted DAMEPL was awarded total compensation of Rs 4 670 crore by a three-member Arbitral Tribunal in a unanimous decision against the DMRC.

Under GOI-approved guidelines issued by Niti Aayog vide their Office Memorandum dated September 5 2016 PSUs are to pay 75 per cent of the award amount even if they propose to challenge the arbitral award the company said in a statement.

RInfra is thus expected to receive Rs 3 500 crore as per the above guidelines it contended.

--IANS
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