Canara Bank Initiates Proceedings For Recovery Of Rs. 408.83 Crores Against Reliance Infrastructure Limited Before The Debt Recovery Tribunal, Mumbai.
LIVELAW NEWS NETWORK
21 July 2022 7:51 AM GMT
Canara Bank has filed an Original Application being O.A 116 of 2022 ("O.A") against Reliance Infrastructure Limited ("RIL") for recovery of an aggregate sum of Rs. 408.83 Crores in view of defaults committed by RIL. In the present case, RIL has created securities in favour of Canara Bank by way of mortgage upon the properties under loan facility documents.
Further, Delhi Airport Metro Express Pvt. Ltd. ("DAMEPL") is a fully owned subsidiary of RIL, wherein RIL is having 99.95% of shareholding which has obtained an arbitral award dated 11th May 2017 ("Arbitral Award") in the aggregate sum of more than 8000 crores against Delhi Metro Rail Corporation Ltd.("DMRCL") which is joint venture of the Government of India and Govt. of NCT of Delhi. The Arbitral award has attained finality after being subsequently upheld by Hon'ble Supreme Court vide its order dated 9th September 2021. The gross decretal sum along with interest upto 14th February 2022 computed in accordance with the Arbitral Award is Rs. 8009.38 crores of which a sum of Rs. 1678.42 crores has already been paid so far and there remains a decretal amount of Rs. 6330.96 crores payable to the DAEMPL (subsidiary of RIL).
Accordingly, with a view to protect and secure its security interest, Canara Bank filed the present O.A seeking recovery of its money from RIL, which is clearly capable of duly making true to all its liability.
In view of the aforesaid fact, MDP and Partners drafted, filed and represented Canara Bank before Debt Recovery Tribunal, Mumbai Bench -I, inter alia seeking that RIL be directed to disclose all the details and information of all the monies from the DAEMPL and visa-versa. Further, Canara Bank is seeking to attach the said amounts in pursuance of the debt owed by RIL to Canara Bank.
