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Rs. 6208.03 Crores Funds Lying In Various Banks: DMRC Tells Delhi High Court

Nupur Thapliyal
10 Jan 2022 9:30 AM GMT
Rs. 6208.03 Crores Funds Lying In Various Banks: DMRC Tells Delhi High Court
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The Delhi Metro Rail Corporation Limited (DMRC) has disclosed before the Delhi High Court that is has a total of Rs. 6208.03 Crores funds lying in various banks. The development came after the DMRC filed an additional affidavit in the plea filed by Delhi Airport Metro Express Private Limited (DAMEPL) seeking enforcement of the arbitration award dated May 11, 2017.The High Court had last...

The Delhi Metro Rail Corporation Limited (DMRC) has disclosed before the Delhi High Court that is has a total of Rs. 6208.03 Crores funds lying in various banks.

The development came after the DMRC filed an additional affidavit in the plea filed by Delhi Airport Metro Express Private Limited (DAMEPL) seeking enforcement of the arbitration award dated May 11, 2017.

The High Court had last month directed DMRC to furnish details of the amounts lying in its bank accounts. The Court had perused the earlier affidavit filed on behalf of DMRC, wherein it was stated that an amount of Rs. 1642.69 Crores was available in its bank account.

Justice Suresh Kumar Kait is slated to hear the matter tomorrow.

About the Petition

The Judgment Debtor, DMRC, had preferred a challenge under Section 34 of the Arbitration and Conciliation Act, 1996 to the Award which was dismissed by a Single Judge of the High Court vide judgment dated March 6, 2018.

Thereafter, the said judgment was challenged before a division bench under Section 37 of the Act which was partly allowed and the Award was set aside vide judgement dated January 15, 2019.

DAMEPL, the Decree Holder, had then preferred a Special Leave Petition before the Supreme Court of India against the judgement of 2019 which was allowed in it's favour vide judgement dated September 9, 2021.

Accordingly, since the Award of 2017 could be executed as a decree in terms of Section 36 of the Act, the present petition was being filed by DAMEPL for execution of the Award passed by the the Arbitral Tribunal for the reason of now being enforceable as a decree.

Also Read: Contravention Of A Statute Not Linked To Public Policy Or Public Interest Cannot Be A Ground To Set Aside An Arbitral Award: Supreme Court

Case Title: Delhi Airport Metro Express Private Limited v. Delhi Metro Rail Corporation Ltd. 

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