Summary:
New Delhi, Jan 24 (PTI) The Supreme Court Monday asked the Delhi Metro Rail Corporation (DMRC) and the Reliance Infrastructure"s subsidiary, Delhi Airport Metro Express Pvt Ltd (DAMEPL) to appear before the Delhi High Court on January 31 and request it to hear the dispute relating to execution of the over Rs 4,600 crore arbitral award to DAMEPL at the earliest.A bench of Justices L Nageswara Rao and B R Gavai said the hearing on the execution application does not brook any further delay as it is detrimental to the interest of both the parties.The apex court on September 9, 2021 had upheld the 2017 arbitration award of around Rs 4,600 crore in favour of DAMEPL, enforceable against the DMRC.Senior advocate Mukul Rohatgi, appearing for DAMEPL, submitted that there is a flurry of actions against the company."There is no defence after the apex court has upheld the order.
Let them deposit the money.
The court can give them a few months but the execution cannot be stalled for no reason," he submitted.Senior advocate Parag Tripathi, representing DMRC, submitted that it was ready to take over DAMEPL"s liabilities to the extent of the award money as it would be in a better position to negotiate with the lender banks.He submitted that in their communication, they were agreeable to the proposal.Rohatgi, however, said, "I will deal with my creditors myself.
Who is he to deal with my creditors?" Tripathi informed the apex court about a December 30, 2021 letter written by DAMEPL to DMRC asking if it was ready to take over its debt which was to be paid by DAMEPL and Reliance Infrastructure to their lenders.The bench then asked, "What is this? There is an award in their favour, which is confirmed by this court.
Now you are saying we will negotiate with your bankers." Tripathi submitted that undertaking a sudden liability would impact public interest and the result would be that whole metro operations would come to a close not only here but in five other cities."I am not running away.
I have deposited Rs 1,000 crore after the order.