The Supreme Court on Wednesday directed the Delhi High Court to proceed with the execution of the Rs 4,600 crore arbitration award granted in favour of DAMEPL, which had pulled out from running the Airport Express metro line over safety issues and take it to a logical end within three months.

The Nifty Auto index closed 0.37 per cent up at 13266.15.

The Nifty Pharma index closed 1.14 per cent down at 12555.0.

The Nifty Realty index closed 1.08 per cent up at 468.2.

The Nifty Bank index closed 0.6 per cent down at 39301.25.

The Nifty Realty index was trading 1.59 per cent up at 470.55.

The Nifty Pharma index was trading 0.61 per cent down at 12622.3.

The Nifty Auto index closed 0.4 per cent up at 12929.15.

The Nifty Bank index closed 0.09 per cent up at 38987.15.

The Nifty Pharma index closed 0.1 per cent down at 12580.45.

"The fear index, India VIX has remained below 20 during the last week suggesting an overall positive sentiment. On the higher end, 18000-18100 is likely to act as a very crucial resistance. On the lower end though, 17700 may remain crucial support. A fall below 17700 may trigger a sell-off in the Indian equity."

The company had clocked a consolidated net loss of Rs 95.15 crore in the corresponding period of the previous fiscal, it said in a regulatory filing to the BSE.

The Supreme Court has extended the deadline set by it for DVC to pay the dues by another eight weeks from May 31 considering the corporations weak financials but took an undertaking from its chairman on the certainty of the payment.

The three discoms BRPL, BYPL and TPDDL had through Delhi government last year sought reallocation of 98 MW of power from NTPC power plants- Kahalgaon-I (51 MW), Farakka (23 MW) and Unchahar -I (24 MW).

Senior advocate Parag Tripathi, representing DMRC, submitted that it was ready to take over the liabilities of Reliance Infrastructure subsidiary to the extent of the award money as it would be a better position to negotiate with the lender banks. However, the offer was turned down by DAMEPL.

Resolution professional (RP) Sudip Bhattacharya, backed by Duff and Phelps, has now cancelled voting on a plan scheduled for December 21. The RP has not yet admitted Citi Securities' ₹2,538-crore claim on the bankrupt shipbuilding company.

The company had in 2008 entered into a contract with Delhi Metro for running the countrys first private rail project for 30 years. It stopped operating the Delhi airport metro rail line in 2012 following a dispute over fee, and initiated arbitration alleging violation of contract.

A bench comprising Justices L Nageswara Rao and S Ravindra Bhatt on Thursday quashed a Delhi High Court order that had set aside the 2017 arbitral award in favour of Delhi Airport Metro Express Pvt Ltd (DAMEPL) - a special purpose vehicle set up by Reliance Energy (later renamed as Reliance Infrastructure) and Spanish company Construcciones Auxiliar de Ferrocarriles to build and operate Delhi Metro's airport express line.

In a major relief to the Anil Ambani group Reliance Infrastructure, the Supreme Court on Thursday upheld the 2017 arbitration award worth around Rs 4,600 crore in favour of DAMEPL, enforceable against Delhi Metro Rail Corporation, saying there is disturbing tendency of courts setting aside arbitral awards.

The company had won an arbitration award of Rs 4,600 crore including interest accrued. The Supreme Courts verdict will bring the much-needed relief to the debt-laden group as it can utilize the proceeds for repayment of its existing debt.

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