Airport line: Metro raises loans from banks to pay DAMEPL, says HC | Delhi News
New Delhi: Delhi Metro Corporation (DMRC) informed the Delhi High Court that it has launched a call for proposals with various banks to raise capital expense loan to pay the amount of the unpaid arbitration award to the company Anil Ambani Delhi Airport Metro Express Private Limited (LADYPL).
Judge Kameswar Rao granted time to DMRC to ensure payment of the outstanding amount to DAMEPL no later than August 5. The delay was granted after DMRC informed the court that it planned to process the banks’ offers by July 10 and sign the loan amount by August 15.
The High Court also asked DMRC to file an affidavit detailing the breach of payments made to DAMEPL within a week, and to submit the case for a rehearing on August 16.
He was hearing a motion filed by DAMEPL seeking enforcement of a May 2017 arbitration award, which arose out of an agreement signed between DMRC and DAMEPL in 2008 to develop and operate the Delhi Metro Orange Line which connects the Delhi Indira Gandhi International Airport. 3 at sector Dwarka-21.
In March this year, the High Court ordered DMRC to pay the full balance to DAMEPL plus interest in two equal instalments, by 31 May. This order was also upheld by the Supreme Court on May 5. DAMEPL claimed that despite the high court instructions, DMRC only made a payment of Rs 166.4 crore, and the payment of Rs 4427.4 crore was still due. TNN