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Delhi Airport Metro Express says no payment due to lenders

PTI | Last Updated: Monday, November 18, 2013 - 20:19

New Delhi: Delhi Airport Metro Express Pvt Ltd (DAMEPL), which built the showpiece airport metro in the national capital, today said it owes no overdue payment to any of its lenders.

"To ensure that lenders do not suffer owing to wilful delays in termination payment by DMRC, DAMEPL has made all debt service payments to lenders till date, and there are no over dues in any account," DAMEPL said in a statement.

Reliance Infrastructure was the original concessionaire of the DAMEPL but it exited the project in July this year.

DAMEPL, a special purpose vehicle of Reliance Infrastructure Ltd, in July this year had said that they terminated the Concession Agreement with DMRC for the airport metro line nearly nine months back, vide its notice dated October 8, 2012.

Delhi Metro Rail Corporation (DMRC) about five months ago took over the operations of 22.7 km-long Airport Express link along with maintenance team of 100 officials.

The consortium of bankers which lend to DAMEPL include Axis Bank, Punjab National Bank, Central Bank of India, Dena Bank and Canara Bank.

"As legally advised, DAMEPL is confident of recovering all such debt servicing payments, together with costs, interest and damages, from DMRC," DAMEPL said.

The metro line was shut down July last year after problems arose due to defects in the civil structure, which were later rectified and it resumed operations in January this year.

"Upon termination of the concession agreement, and taking over of the operations, assets, employees, etc. By DMRC from 1st July 2013, DAMEPL's obligation towards the project have ceased to exist, as DAMEPL is no longer the concessionaire of the Airport Metro," it said.

"It is regrettable that despite being a Government owned company, DMRC is blatantly violating the terms of the agreements, to the extent it is not even depositing revenues in the designated escrow account," DAMEPL added.

First Published: Monday, November 18, 2013 - 20:19
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