The Supreme Court of India has issued a notice to the Managing Directors of Delhi Airport Metro Express Pvt. Ltd. (DAMEPL) and Axis Bank in a contempt of court plea filed by the Delhi Metro Rail Corporation (DMRC). The case pertains to alleged non-compliance with the Court’s earlier judgment dated April 10, 2024.
Background
- Judgment of April 2024: The Supreme Court overturned an earlier directive mandating DMRC to pay ₹8,000 crore as an arbitration award to DAMEPL, a subsidiary of Reliance Infrastructure (RInfra).
- Axis Bank was directed to return ₹4,500 crore, including ₹2,800 crore as principal and accrued interest, held in escrow on behalf of DMRC.
Allegations
DMRC alleges that both Axis Bank and DAMEPL have “willfully” defied the Supreme Court’s April 2024 order by not refunding the escrowed funds.
Reliance Infrastructure’s Position
Reliance Infra clarified in a regulatory filing:
- The company is not a party to the proceedings initiated by DMRC.
- The Supreme Court’s judgment imposes no liability on RInfra.
- Financial implications, if any, remain uncertain at this stage.
DAMEPL, the Special Purpose Vehicle (SPV) involved, has confirmed it will take appropriate steps to safeguard its interests.
