According to the company, the petition has been filed in Delhi High Court under Section 9 of the Arbitration and Conciliation Act, 1996 for an early payment of the arbitration award.
Last week, the RInfra-promoted DAMEPL was awarded total compensation of Rs 4,670 crore by a three-member Arbitral Tribunal in a unanimous decision against the DMRC.
"Under GOI-approved guidelines issued by Niti Aayog vide their Office Memorandum dated September 5, 2016, PSUs are to pay 75 per cent of the award amount, even if they propose to challenge the arbitral award," the company said in a statement.
"RInfra is thus expected to receive Rs 3,500 crore as per the above guidelines," it contended.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.