Singapore High Court has made absolute the injunctive relief granted in favor of GMIAL- GMR

GMR has stated that the High Court of Singapore on 19th November 2012 has dismissed the application filed by Maldives Airports Company Ltd. (MACL) seeking vacation of the injunctive order granted in favour of GMR Male’ International Airport Ltd. (GMIAL) on 23rd July 2012 and made absolute the injunctive relief granted in favor of GMIAL.

GMR stated this in a press release issued yesterday in reply to the media reports in relation to the injunction granted by the High Court of Singapore relating to Ibrahim Nasir International Airport on the 19th November 2012.

“As you may be aware that the High Court of Singapore on 23rd July 2012 had granted an injunction in favor of GMIAL, restraining MACL from taking any step in the Civil Courts of the Maldives preventing GMIAL from adjustment/set-off of the Airport Development Charge and insurance surcharge, as per MACL’s 5th January 2012 letter, which is now referred to arbitration. MACL approached the High Court of Singapore in October 2012, to get the injunction vacated,” GMR stated.

GMR said that now thee dispute raised by MACL on the validity of the 5th January 2012 letter will be decided in the arbitration proceedings to be held in Singapore.