The recent judgement by SC stunned the legal world. The judgement is a great loss to India as an arbitration centre but it may yet prove to be a blessing in disguise
DMRC said attachment of 'Total DMRC Funds' which include salary, medical expenses, post retiral benefits of employees, security deposit on smart cards, will result in huge inconvenience to more than 50 lakh commuters who travel by the metro network on a daily basis and it will result in complete chaos on the Delhi roads.
The meeting has been convened after DMRC wrote to Delhi government and Union Ministry of Housing and Urban Affairs, seeking financial assistance for the payment of Rs 7,000 crore for arbitral award to DAMEPL.
DMRC had failed to make payment to Reliance Infrastructure's DAMEPL by October 4, which was the deadline set by the high court earlier.
The order was passed by a bench of Justices L Nageswara Rao and B R Gavai.
DAMEPL is a joint venture of Rinfra and a Spanish construction company—Construcciones Y Auxiliar De Ferrocarriles—with a shareholding of 95 and five percent respectively.
Its total income during the quarter under review rose to Rs 4,377.86 crore as against Rs 4,057.95 crore in the same period of last financial year, R-Infa said in a filing to BSE