Big Relief To Reliance Infra From Supreme Court
Big relief to Reliance Infra from Supreme Court, DMRC’s petition dismissed.
Anil Ambani-controlled Reliance Group’s Reliance Infrastructure Limited has won a major victory in a four-year-old dispute with the Delhi Metro Rail Corporation (DMRC).
With this victory, the debt-ridden Reliance Group has got a big relief and it will be able to repay a large part of the debt with the Rs 4,600 crore it will get after the verdict and the interest on it.
The Supreme Court has upheld an arbitration decision in favor of Reliance Infra.
Supreme Court Judge L. Nageswara Rao dismissed the DMRC’s plea and upheld an arbitration judgment in 2017 in favor of Reliance Group.
Reliance Infra had entered into an agreement with DMRC in the year 2008. Under this, he was to operate the metro rail by the year 2038.
Big relief to Reliance Infra from SC: Under this, the company was operating the Airport Metro in New Delhi.
In the year 2012, the company stopped the operation of this metro due to a dispute with DMRC over fees and other issues.
The company filed a petition in an arbitration authority and sought a fee in lieu of it, accusing DMRC of breaching the agreement.
During the hearing in the Supreme Court, Reliance Infra’s lawyers said that the company will use the proceeds to pay off the debt.
Thereafter, the Supreme Court directed all banks not to include Reliance Infra’s accounts as non-performing assets (NPAs).
The faster growth rate will remain even after the third wave, recovery will be faster than a first-quarter: Finance Ministry.
The Finance Ministry believes that even if the third wave of Corona arrives, there will be a sharp recovery in the economy during the next three quarters of the current financial year.
In its report on Thursday, the Finance Ministry has said that with the continuous increase in vaccination and the experience of better corona management.
It can now be trusted that the recovery of the economy will not be affected despite the third wave.
Due to the measures taken by the Central Government and the Reserve Bank of India (RBI), there will be a faster recovery in the next three quarters of the current financial year as compared to the first quarter.
The ministry has said that till September 8, 60 percent of the adult population of the country has taken at least one dose of the vaccine.
However, the report has once again expressed concern about the delta variant and has been instructed to continue the corona prevention behavior with increased testing to prevent it.
