NCLAT: DMRC Not Bound to Revive Terminated Parking Agreement with Pratibha Industries

• NCLAT rules DMRC is not obligated to revive a concession agreement with Pratibha Industries Ltd (PIL) for multi-level parking.
• The agreement, for a facility at New Delhi Railway Station-cum-Airport Terminal, was terminated on September 1, 2017.
• Termination occurred well before insolvency proceedings against PIL began, making DMRC not bound by the resolution plan.
• NCLAT modified an NCLT order that had directed DMRC to revive the agreement as part of PIL's resolution plan.
• DMRC was not part of the Corporate Insolvency Resolution Process (CIRP), thus NCLT could not issue directions regarding the terminated agreement.

Key Question Answered

What does this NCLAT ruling mean for DMRC?

The NCLAT ruled that DMRC is not obligated to revive a terminated concession agreement for a parking facility with Pratibha Industries Ltd.