Lawstreet Journal

Delhi High Court Directs DMRC to Furnish Balance Sheet, Bank Account Details, Fixed Deposits

Lawstreet Journal 16 Feb 2022 4:42pm

Image courtesy: Lawstreet Journal Judiciary Delhi High Court Directs DMRC to Furnish Balance Sheet, Bank Account Details, Fixed Deposits

The Delhi High Court on Monday, February 14th 2022, directed Delhi Metro Rail Corporation (DMRC) to give details of funds in its bank account as well as the fixed deposits on a plea filed by Delhi Airport Metro Express Private Limited (DAMEPL) seeking enforcement of the arbitration award dated May 11, 2017.

While also directing DMRC to share the balance sheet qua the year 2021, Justice Suresh Kumar Kait asked both the parties to file their written submissions in the matter.

During the course of hearing, Senior Advocate Parag Tripathi appearing for DMRC submitted that the amount which was lying in the corporation's bank account was earmarked for various projects for metro development which neither belonged to the DMRC nor did the corporation have a disposing power over the same.

"The law is under sec. 60 of Code of Civil Procedure and I have additional protection under sec. 89 of Metro Railway Act. Sec. 60 makes it clear that what is to be recovered and recoverable under CPC is either belonging to the judgment-debtor, or over which, or the profits of which, he has a disposing power," Tripathi argued.

He added "This Rs. 2,670 crore which is for development of phase III and IV and Rs. 1,561 crore which is for metro development in Patna, Maharashtra, etc. are not monies which either belong to me or over which I have disposing power."

On the other hand, Senior Advocate Rakesh Kumar Khanna representing DAMEPL argued that the DMRC was hiding the actual and… Continue Reading...

Tagged: DMRC   Delhi Metro  
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