Aanchal Agarwal-
Published on: September 9, 2021, at 14:58 IST
A major victory for Anil Ambani led Reliance Group (ADAG) as Supreme Court upheld an arbitral award in favour of the group.
The verdict stands as a crucial victory for Ambani as his telecom firms are in bankruptcy and he is contesting a personal insolvency case lodged by the country’s largest lender. Reliance Infra shares jumped by the daily limit of 5% after the court order.
A Division Bench of the Supreme Court rejected a Petition filed by Delhi Metro Rail Corporation Ltd (DMRC) regarding the arbitral award’s validity.
The award totalling around Rs 4600 crore will help Reliance Infra in clearing its debt in its hard-pressed times.
In 2008, Reliance Infrastructure’s unit had entered into a contract with DMRC to build the Country’s first private city rail project till 2038.
But in 2012 due to some disputes with regards to fee and operation, Reliance stopped the metro project and then filed an Arbitration case against DMRC for violating the contract and sought a termination fee.
Also Read: Swiss Court to share bank account details of Anil Ambani’s family with India
