HC gives Delhi Metro till Oct 31 to formulate Reliance repayment plan

After the Delhi Metro Rail Corporation (DMRC) failed to make payment to Reliance Infrastructure towards an arbitral award, the Delhi High Court granted the former time till October 31 to formulate a repayment plan. Delhi Metro was directed to make the payment of `4,500 crore to Reliance Infrastructure’s subsidiary Delhi Airport Metro Express Pvt Ltd (DAMEPL). The deadline for the payment of the arbitral award was October 4. The arbitration award passed in favour of DAMEPL was affirmed by the Supreme Court making the award final.

The Delhi Metro had told the High Court that it has sought `3500 Crore each from Centre and Delhi Government, for infusion of funds to make balance payment to the DAMEPL in terms of a 2017 arbitral award.