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Last year the finance ministry instructed state-owned companies not to contest adverse awards to help build a non-adversarial climate on arbitration. The Supreme Court’s verdict undercuts those instructions.
This sharp fall came after the Supreme Court overturned its previous order, which upheld an arbitral award in favor of RIIL in a dispute with the DMRC.
Anil Ambani is expected to pay nearly Rs 3,300 crore in arbitral award his firm got from the Delhi Metro Rail Corporation. This comes at a time when the firm is facing cash flow issues and undergoing debt restructuring.