On Thursday, the Supreme Court of India, supported Reliance Infrastructure’s Rs 2,800 crore arbitral honor and ordered DMRC to pay harms of Rs 2,800 crore alongside interest to Reliance Infrastructure arm , as per a main media house. The aggregate sum remained at ₹ 4,500 which incorporates all the interest amount also, as of January 2019.
This case is related to an agreement which is between DMRC and Reliance Infra for Delhi Airport Express on (BOT) build-operate-transfer basis. However Reliance Infrastructure cancelled the agreement in the year 2012.
Thus, DMRC summoned a arbitration provision hoping to begin arbitration. In the mean time, the Arbitral Council allowed damages to the reliance infra arm and requested that DMRC pay Rs 2800 crore in addition to interest, in 2017.
However,Delhi High Court’s Single Judge Bench in 2018 upheld the award and ordered DMRC authorities to pay all the damages to Reliance. After some time, to challenge the Delhi HC decision, Reliance Infra filed(applied) a petition in the Supreme Court of India. Therefore, now SC has ordered DMRC to pay 2800 crore to Reliance Infrastructure.