Delhi HC hauls up Axis Bank for breach of undertaking in Pune-Satara toll road case

Delhi Higher Court docket has restrained Axis Bank from substituting PS Toll Road Pvt Ltd (PSTR) as the concessionaire of the Pune-Satara Toll Street Job.

Delhi HC has located Axis Lender in breach of its very own endeavor specified before the court docket.

The courtroom in its buy has reported that Axis Lender is bound by its enterprise supplied to the court in February 2021 and then in March 2021 that it will not go ahead with the substitution of the concessionaire in the PS Toll Road task, with no the court’s nod.

In accordance to the court docket, Axis Bank’s undertaking was unconditional, and thus it can not count on any celebration less than the Concession Arrangement or the Substitution Settlement, to appoint a new concessionaire in the job.

PS Toll Highway Pvt Ltd (PSTR), the concessionaire of the Pune-Satara Toll Road undertaking, had challenged the appointment of a new concessionaire in the task by the Axis Lender despite a keep on the procedure by the Delhi Higher Court docket in March 2021.

PS Toll Road Pvt Ltd, in its enchantment prior to the high court, contended that Axis Lender was in breach of its individual enterprise presented before the courtroom in 2021, that it will not finalise the bids or award the deal to a third celebration, therefore substituting the PS Toll Highway Pvt Ltd.

The court docket has issued discover to Axis Financial institution and the make any difference will be read on September 28.

PS Toll Road Pvt Ltd is a subsidiary of Reliance Infrastructure Ltd. and was awarded the contract for six laning of 140 KM of the stretch between Pune and Satara in Maharashtra on BOT foundation. The task is now comprehensive.