Delhi Airport Metro Express (DAMEPL), an associate of Reliance Infrastructure (RInfra), has been awarded compensation of Rs 2950 crore by a three member arbitral tribunal in a unanimous decision. The tribunal was constituted from a panel nominated by DMRC.
The Award to RInfra has been granted on the basis of termination provisions of the Concession Agreement where the arbitration tribunal has held termination by DAMEPL as valid. The compensation covers damage as a result of breach by DMRC of its obligations under the Concession Agreement and Material Adverse Effect on the ability of DAMEPL to perform its obligations under the Concession Agreement. The company will pay lenders’ debt of Rs 1900 crore from the compensation award.