[DMRC v DAMEPL] Delhi Metro is raising loans to pay Anil Ambani's company: Delhi High Court told

Delhi Metro Rail Corporation (DMRC) has informed the Delhi High Court that it has called for proposals from various banks to raise a capital expenditure loan so that it can pay the outstanding arbitration award amount to Anil Ambani owned Delhi Airport Metro Express Private Limited (DAMEPL)..Justice Kameswar Rao was told that the DMRC expects to process the bids of the banks by July 10 and sign the loan documents by August 15.After considering the submission, Justice Rao said that time should be granted to DMRC to ensure that the outstanding amount due to DAMEPL, and ordered it to comply with the direction on or before August 5.“Noting the submissions made by the counsels, this Court is of the view that the challenge to the order dated March 10, 2022, by the petitioner was decided on May 05, 2022, and action has been initiated by the DMRC, as noted above, time should be granted to DMRC to ensure payment of the outstanding amount to the applicant/decree holder on or before August 05, 2022. It is ordered accordingly,” the Court said in its order..Justice Rao has also asked DMRC to file an affidavit detailing the break-up of the payments made to DAMEPL within one week thereafter..The Court was dealing with a petition filed by DAMEPL seeking execution of an arbitration award from May 2017. In March this year, it had directed DMRC to pay the entire balance amount to the DAMEPL along with interests in two equal instalments, by May 31. This order was also upheld by the Supreme Court on May 5..The award arose out of an agreement signed between the DMRC and DAMEPL in 2008 to develop and operate the orange line of the Delhi Metro that connects Indira Gandhi International Airport's Terminal-3 to Dwarka Sector-21.In the present petition, DAMEPL stated that despite the directions of the High Court, DMRC has only made a payment of ₹166.44 crore. It claimed that it was still to get the payment of ₹4427.41 crore.DAMEPL, therefore, asked the Court to attach DMRC’s bank accounts and other such assets. It added that the interest continues to apply till the date of actual payment by DMRC..The case will now be considered on August 16. .Senior Advocate Sandeep Sethi along with Advocates Mahesh Agarwal, Rishi Agrawala, Megha Mehta, Niyati Kohli, Pranjit Bhattacharya, Ankit Banati and Manavi Agarwal appeared for DAMEPL.DMRC was represented through Senior Advocates Parag P Tripathi and AK Sinha along with Advocates Tarun Johri, Vishwajeet Tyagi, Ankur Gupta and R Srinivasan..[Read Order]