SC dismisses appeal by DAMEPL against Delhi HC order on balance payment of award by May end
New Delhi, May 5 (IANS) The Supreme Court on Thursday upheld the Delhi High Court order, directing Delhi Metro Rail Corporation to pay the DAMEPL, a Reliance infrastructure arm, the balance arbitration award amount of Rs 3,300 crore by May 30.
A bench comprising Justices L. Nageswara Rao and B.R. Gavai dismissed the appeal filed by Delhi Airport Metro Express Private Limited (DAMEPL) against the High Court order passed in March this year. DAMEPL moved the high court to execute the award.
The Anil Ambani group firm had contended that the high court had disabled it from recovering entitlement granted to it under the Rs 4,600-crore arbitration award, which was upheld by the apex court in September last year.
The high court directed DMRC to make payment of the remainder sum in terms of the May 11, 2017 arbitral award in two installments by May end. DAMPEL had contended that the high court erroneously rejects computation of post-award interest by it on 'sums awarded' since it includes the pre-award interest.
The DAMEPL's plea said that after including the pre-award interest, the sum awarded under Section 31(7) of the (Arbitration) Act as on the date of award is Rs 4,662.59 crore and the total gross decretal sum along with post-award interest (up to March 10) on the sum awarded computed in accordance with the award is Rs 8,053.21 crore.
The plea further added that out of the said amount, only a sum of Rs 2,278.42 crore has been paid so far by DMRC, hence, the remaining decretal sum yet to be satisfied along with interest is Rs 5,774.79 crore.