Airports revamp row: HC reserves order till Feb 21
The application seeks an interim stay on any transfer of equity and capital by AAI to the rival bidders GMR and GVK in relation to the Delhi and Mumbai airports.india Updated: Feb 20, 2006 19:49 IST
The Delhi High Court on Monday reserved till Tuesday the passing of an order on the application moved by the Anil Ambani-owned Reliance Airport Developers.
The application seeks an interim stay on any transfer of equity and capital by AAI to the rival bidders GMR and GVK in relation to the Delhi and Mumbai airports.
A division bench of Justice Thirath Thakur and BN Chatruvedi reserved the order after the Union Government, GMR-Fraport and GVK Industries gave an undertaking that any such transfer of equity or reaching of agreements with the AAI during the interregnum period would be subject to the final verdict of the court which is hearing the tender row.
Counsels for the GMR-Fraport and GVK both assured the court they would abide by the court's final verdict in the tender dispute and hence any expenditure incurred by them by way of investments in the project would be at their "own peril."
Additional Solicitor General Gopal Subramaniam appearing for the Union Government also gave an undertaking in the court that Centre and all the parties to the dispute were fully aware of the pending legal proceedings and as such would strictly abide by the final judgement of the court.
He said neither the Government nor the two officially declared bidders would press for compensation of liabilities incurred in the event of the final verdict going against them.