Reliance Infrastructure Ltd
Reliance Infrastructure Ltd. has won a four-year legal battle over money from an arbitration award that it says it needs to repay lenders.On Thursday, a two-judge bench of the Supreme Court upheld Anil Ambani's unit's 2017 arbitration award. According to Reliance Infrastructure's annual report, the arbitration tribunal award is worth about 46.6 billion rupees ($632 million) including interest.
The verdict is a significant win for Ambani, whose telecom companies that went bankrupt and he is battling a personal insolvency lawsuit filed by the country's top lender. Following the court judgement, Reliance Infra's stock rose by the daily limit of 5%.During the case sessions, Reliance's lawyers claimed that the money will be used to pay lenders. As a result, the top court banned banks from classifying the company's accounts as non-performing assets.
The court's limitation on lenders is also lifted as a result of the final decision in the case.A detailed copy of the court's decision is pending.In 2008, Reliance Infrastructure entered into a contract with Delhi Metro to operate the country's first private city rail project until 2038. Following disputes over fees and operations in 2012, Ambani's company ceased operations of the capital's airport metro project and filed an arbitration complaint against Delhi Metro, alleging contract breaches and seeking a termination fee.
Source: Business Standard
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