The Delhi Metro Rail Corporation (DMRC) informed the Delhi High Court on Monday that it only has a total of Rs 6,208.03 crore in its bank accounts, which includes its income worth Rs 1 014.69 crore.
According to the Delhi Airport Metro Express Pvt Ltd (DAMEPL) promoted by Reliance Infrastructure and headed by Anil Ambani, the DMRC must pay at least Rs 6,268 crore to comply with the 2017 arbitration award.
The arbitration award, which concerns the Delhi Airport Metro Express Line, was upheld by the Supreme Court in September 2021. Section 89 of the Metro Railways Act, 2002 states that only the revenue of the administration of the metro can be seized by a court in the execution of a decree or an order.
Last month, the court ordered the DMRC to provide details of all of its bank accounts and asked why it couldn’t take a loan from the banks to pay the amount to the Reliance company. In the affidavit filed in court on Monday, the DMRC said it had a total of 1,642.69 crore in income. But on top of that, he says, Rs 514 crore is an incurred liability which is “owed to employees due to leave pay and post-retirement expenses” and Rs 114 crore is a portion of the chip card security deposits which is refundable to commuters.
The remainder of the Rs 6,208.03 crore available with the DMRC is already earmarked for its various projects, inside and outside Delhi, according to details submitted to the court. A large chunk – Rs 2,869.33 crore – has been set aside for Phases III and IV of the metro. Arguing against the immediate payment to the DAMEPL, the DMRC had qualified on December 22 this case of national interest and pleaded in court that there would be a huge problem if the metro was stopped.
While DMRC disputes the amount claimed by DAMEPL, it offered to take over the loans from the company instead of making the payment directly. Submitting that the banks rejected the offer made by DMRC, DAMEPL told the court last month that it wanted to negotiate directly with the banks as part of its business strategy and that its plea was not a “request for pardon. “seeking charity. DAMEPL, while asking for the execution of the sentence, in its petition, declared to be in financial crisis. As a result of a court order, Rs 1,000 crore has already been deposited by the DMRC into an ESCROW account on the amount owed to DAMEPL. “The delay in realizing the amounts rightly owed to the decree holder under the award also costs the taxpayer an amount of interest of Rs 1.75 crore per day,” DAMEPL told the court.