Home India A Crucial Victory For Anil Ambani In Case Against Delhi Metro

A Crucial Victory For Anil Ambani In Case Against Delhi Metro


A Crucial Victory For Anil Ambani In Case Against Delhi Metro

The verdict is crucial for Anil Ambani as his telecom firms are in bankruptcy.

Reliance Infrastructure Ltd. won a four-year battle for control of money from an arbitration award that it says it needs to repay lenders.

A two-judge panel of the Supreme Court on Thursday upheld the 2017 arbitration award in favor of the Anil Ambani’s unit. The arbitration tribunal award is worth over 46.6 billion rupees ($632 million) including interest, according to Reliance Infrastructure’s annual report.

The verdict is 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.

Reliance will use the money to pay lenders, the company’s lawyers had said during the case hearings, following which the top court had barred banks from marking the company’s accounts as non-performing assets. The final ruling in the case also lifts the court’s restriction on lenders.

A detailed copy of the court ruling is awaited.

Reliance Infrastructure’s unit had in 2008 entered into a contract with Delhi Metro for running the country’s first private city rail project till 2038. Following disputes over fee and operations in 2012, Ambani’s firm stopped operating the capital’s airport metro project and initiated an arbitration case against Delhi Metro alleging violation of contract and sought a termination fee.



Source link

RELATED ARTICLES

“India Best Country That Fought Against Weird Virus (Covid)”: Amit Shah

<!-- -->India reported the lowest rate of mortality, said Amit ShahNew Delhi: India emerged the best country that fought against this "weird virus...

Karnataka ‘Seriously Considering’ Law Against Religious Conversion: Chief Minister

<!-- -->Karnataka seriously considering bringing in a law against religious conversion, the Chief Minister saidBengaluru: The Karnataka government is seriously considering bringing in...

White House Defends Joe Biden’s Indian Media ‘Better Behaved’ Than US Press Remark

<!-- -->During a joint press with PM Modi, Joe Biden said Indian media is "better behaved" than US mediaWashington: The White House has...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

David Warner Says Won’t Be At Stadium “Again” Amid Speculation Of SRH Stint Ending

Sunrisers Hyderabad's big-hitting opener David Warner, who has been dropped from the playing XI because of poor form, has said that he won't...

Sensex Plunges Over 1,000 Points; Bharti Airtel, Infosys Weak

<!-- -->Bharti Airtel, HCL,Infosys and Tech Mahindra lost 1-3 per cent each on the BSEThe benchmark indices have extended their losses in noon...

France President Emmanuel Macron’s Message To Europe After Submarine Fallout

<!-- -->France's Emmanuel Macron said Europe needs to defend itself better.Paris: Europe needs to stop being naive when it comes to defending its...

“India Best Country That Fought Against Weird Virus (Covid)”: Amit Shah

<!-- -->India reported the lowest rate of mortality, said Amit ShahNew Delhi: India emerged the best country that fought against this "weird virus...

Recent Comments