Senior officials of Union Ministry of Housing and Urban Affairs and Delhi government will meet on Thursday (November 10) to discuss the payment of arbitral award to Delhi Airport Metro Express Pvt Ltd. (DAMEPL).
The meeting will also be attended by the senior officials of Delhi Metro Rail Corporation (DMRC) and the leading banks
Senior officials of Union Ministry of Housing and Urban Affairs and Delhi government will meet on Thursday (November 10) to discuss the payment of arbitral award to Delhi Airport Metro Express Pvt Ltd. (DAMEPL).
The meeting will also be attended by the senior officials of Delhi Metro Rail Corporation (DMRC) and the leading banks.
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.
Last month, DMRC had informed the Delhi High Court that a meeting has been scheduled by the Secretary to Government of India, Ministry of Housing & Urban Affairs (MoHUA) on November 10 to discuss the matter and find a workable solution.
DMRC has sought financial assistance from Delhi Government and MOHUA, who are 50:50 joint venture partners in the DMRC, for making payment of arbitral award to DAMEPL.
DMRC had earlier stated in the court that it is financially constrained to arrange required funds from its internal resources or through debt from banks, as it will fall into a debt trap. Hence, it has approached its equity partners (Delhi Government and Central Government) for financial assistance, for the payment of arbitral award to DAMEPL.
The delay in the payment of arbitral award to DAMEPL is putting an additional interest liability of Rs 1.24 crore per day on the DMRC.
The Supreme Court last year had upheld the arbitral award in favour of DAMEPL.
In the last six months, DMRC has failed to honour the three orders of Delhi High Court that directed it to make a payment to DAMEPL.