The Delhi High Court will hear on Wednesday a plea by a Reliance Infrastructure (RInfra) arm seeking to restrain Axis Bank from substituting it as the concessionaire for the Pune-Satara Toll Road Project.
PS Toll Road Pvt Ltd (PSTR), a subsidiary of RInfra, had alleged that the lender was bound by its unconditional undertaking given to the HC that it will not appoint a new concessionaire in the project and, therefore, it cannot rely upon any event under the 2010 Concession Agreement or the 2015 Substitution Agreement to do so.
