Delhi HC orders DMRC to immediately settle debts owed to banks by DAMEPL

The Delhi High Court has directed the DMRC, which has to pay Rs 5,164.79 crore to Reliance Infrastructure's (Rinfra) subsidiary DAMEPL as per an arbitral award, to settle the immediate amount the private company owes the banks for the Airport metro line project, so that its accounts are not termed non-performing assets. Justice Vibhu Bakhru asked the Delhi Metro Rail Corporation (DMRC) to ascertain what is the immediate amount that DAMEPL has to pay to the 11 banks and to make the payment before March 28. The court said that the accounts of Delhi Airport Metro Express Private Ltd (DAMEPL) in the 11 banks cannot be allowed to become non-performing assets (NPAs) despite having an arbitral award in its favour. The direction came on an interim plea by DAMEPL claiming it has to pay over Rs 1,882 crore to the banks to prevent its accounts with them from being categorised as NPAs. According to DAMEPL's plea, the 11 banks to whom immediate payments have to be made are -- Axis Bank, UCO Bank, Punjab and Sind Bank, Andhra Bank, Central Bank of India, Dena Bank, Allahabad Bank, Canara Bank, Bank of India, IIFC UK and Canara Bank London.

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