The court, last month, had directed the DMRC to furnish details of all its bank accounts and asked why it cannot take a loan from banks to pay the amount to the Reliance company. The Delhi Metro Rail Corporation (DMRC) Monday informed the Delhi High Court that it has only a total of Rs 6,208.03 crore in its bank accounts, which includes its earnings worth Rs 1,014.69 crore.
According to the Anil Ambani-led Reliance Infrastructure-promoted Delhi Airport Metro Express Pvt Ltd (DAMEPL), the DMRC has to pay at least Rs 6,268 crore to comply with the 2017 arbitral award.
The arbitral award, which pertains to 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 earnings of the metro railway administration can be attached by a court in the execution of a decree or order.
The court, last month, had directed the DMRC to furnish details of all its bank accounts and asked why it cannot take a loan from banks to pay the amount to the Reliance company. In the affidavit filed before the court on Monday, the DMRC said that it has a total of 1,642.69 crore earnings. But out of this, it said, Rs 514 crore is committed liability which is “due to employees on account of leave salary and post-retirement expenses” and Rs 114 crore is a portion of security deposits of smart cards which is refundable to the commuters.
The rest of the Rs 6,208.03 crore available with the DMRC is already earmarked for its various projects, within and outside Delhi, according to details submitted before the court. A major chunk — Rs 2,869.33 crore — has been set aside for Phase III and IV of the Metro. Arguing against making the payment at once to the DAMEPL, the DMRC on December 22 had called it a matter involving national interests and argued before the court that there will be a huge issue if the Metro is stopped.
While DMRC disputes the amount claimed by DAMEPL, it has offered to take over loans of the company instead of making the payment directly. Submitting that the banks have rejected the offer made by DMRC, DAMEPL last month told the court that it would like to directly negotiate with banks as part of its business strategy and its plea was not a “mercy petition” seeking charity. DAMEPL, while seeking execution of the award, in its petition, has said it is in a financial crisis. Following a court order, Rs 1,000 crore has already been deposited by the DMRC in an ESCROW account out of the amount owed to DAMEPL. “The delay in realisation of amounts rightfully due to the Decree Holder under the Award is also costing the taxpayer an interest amount of Rs 1.75 crore daily,” DAMEPL has told the court.
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