India News | SC: DMRC to Pay Rs 2800 Crore Plus Interest to Anil Ambani's Reliance Infrastructure

New Delhi [India], September 9 (ANI): In a big win for Anil Ambani's firm, the Supreme Court on Thursday upheld a 2017 arbitration award that made Delhi Metro Rail Corporation (DMRC) liable to pay damages of around Rs 2,800 crore with interest to Reliance Infrastructure Ltd.

A two-judge bench of the Apex Court, led by Justice L Nageswara Rao and also comprising Justice S Ravindra Bhat pronounced the judgement today.

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"The Appeal filed by DAMEPL (Delhi Airport Metro Express Pvt. Ltd) is allowed and the judgment of the Division Bench of the High Court is set aside. The Appeal filed by DMRC is dismissed," the Apex Court said in its judgement.

Reliance Infrastructure's unit had in 2008 entered into a mutual contract with Delhi Metro for running the country's first private city rail project till 2038. As disputes arose over fee and operations in 2012, Ambani's firm stopped operating the capital's airport metro project and initiated an arbitration case against Delhi Metro alleging violation of contract and sought a termination fee.

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The arbitration was earlier challenged in the Delhi High Court.

Reliance Infra had then challenged this decision of the two-judge bench of the Delhi High Court before the Supreme Court. The apex court has now set aside the Delhi High Court order and asked the DMRC to honour the arbitral award.

The SC has also ruled that this amount of Rs 2,800 crore will be paid back to the company with the interest accrued over a period of eight years. This money will be given by Delhi Metro Rail Corporation Limited to Reliance Infrastructure.

After the Supreme Court's judgement today, the DMRC in a release said that the apex court has pronounced its judgement in the Airport Metro Express line matter today and the appeal of DAMEPL has been allowed. The judgment is being currently analysed for a future course of action. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)