New Delhi: The Delhi High Court ruled to uphold the arbitral award given to Anil Ambani led-Reliance Infrastructure by the Delhi Metro Rail Corporation.
The court had directed the Reliance Infrastructure to deposit the escrow amount of Rs. 2,950 with the DMRC within a span of four weeks.
Earlier the Delhi Metro Rail Corporation (DMRC) challenged the decision of the Delhi High Court seeking the payment of an interest by the Reliance Infrastructure-owned Delhi Metro Express Pvt. Ltd in addition to the principal amount decided by the High Court.
The decision was taken in the wake up of providing compensation to the DMRC after the Reliance Industries terminated its concession agreement done for the development of Delhi Airport Express metro project.
Earlier in 2012, the Reliance Infrastructure terminated the contract with the DMRC to develop and operate the metro express in the capital citing the inability of the latter to fix the civil structure defects in the project.