New Delhi: Reliance Infrastructure Limited Won a four-year battle for control of the funds from an arbitration award it says it needs to repay lenders.
a two-judge panel of Supreme court On Thursday upheld the 2017 arbitration award in favor of Anil Ambaniunit of. According to Reliance Infrastructure’s annual report, the arbitration tribunal’s award is worth more than 46.6 billion rupees ($632 million) including interest.
The verdict is a significant victory for Ambani as his telecom companies are in bankruptcy and he is fighting a personal bankruptcy case filed by the country’s largest lender. Reliance Infra shares rose 5% daily after the court order.
The company’s lawyers had said during the hearing of the case that Reliance would use the money to pay the lenders, following which the apex court had restrained banks from marking the company’s accounts as non-performing assets. The final decision in the case also removes the court’s restriction on lenders.
A detailed copy of the court’s decision is awaited.
The unit of Reliance Infrastructure had in 2008 entered into a contract with Delhi Metro To run the country’s first private city rail project by 2038. Following disputes over fee and operation in 2012, Ambani’s firm ceased operations of the capital’s airport metro project and initiated an arbitration case against Delhi Metro, alleging breach of contract and seeking termination fees.
a two-judge panel of Supreme court On Thursday upheld the 2017 arbitration award in favor of Anil Ambaniunit of. According to Reliance Infrastructure’s annual report, the arbitration tribunal’s award is worth more than 46.6 billion rupees ($632 million) including interest.
The verdict is a significant victory for Ambani as his telecom companies are in bankruptcy and he is fighting a personal bankruptcy case filed by the country’s largest lender. Reliance Infra shares rose 5% daily after the court order.
The company’s lawyers had said during the hearing of the case that Reliance would use the money to pay the lenders, following which the apex court had restrained banks from marking the company’s accounts as non-performing assets. The final decision in the case also removes the court’s restriction on lenders.
A detailed copy of the court’s decision is awaited.
The unit of Reliance Infrastructure had in 2008 entered into a contract with Delhi Metro To run the country’s first private city rail project by 2038. Following disputes over fee and operation in 2012, Ambani’s firm ceased operations of the capital’s airport metro project and initiated an arbitration case against Delhi Metro, alleging breach of contract and seeking termination fees.
.