New Delhi: Reliance Infrastructure Ltd won a four-year battle to control money from the arbitration award which he said needs to pay for lenders.
A panel of two Supreme Court Judges on Thursday enforced the 2017 Arbitrage Award that supported Anil Ambani units.
The tribunal arbitration award is worth more than 46.6 billion rupees ($ 632 million) including interest, according to the Annual Report Reliance infrastructure.
The verdict was an important victory for Ambani because his telecom company went bankrupt and he was fighting for a personal bankruptcy case submitted by the largest lender in the country.
Reliance Infra Stock soared by the 5% daily limit after the court order.
Dependence will use money to pay for lenders, the company’s lawyer said during the case hearing, after the Top Court has banned banks from marking company accounts as non-performing assets.
The final verdict in this case also raised the limitation of the court to the lender.
Detailed copy of the court’s awaited decision.
The Reliance Infrastructure unit in 2008 signed a contract with Delhi Metro to run the country’s first private city railway project until 2038.
After disputes over costs and operations in 2012, the AMBANI company stopped operating the Metal Metal project and started the arbitration case against Delhi.
Metro accused the violation of the contract and looking for termination fees.