On June 25, infrastructure and development and finance company IL&FS (Infrastructure Leasing and Financial Services) informed that Haryana Shehari Vikas Pradhikaran (HSVP) has given the company ₹1,925 crore as interim termination payment in the Gurgaon Metro Project case.
As per a company release, the Gurgaon Metro Project, which is two-phased, has been developed through IL&FS subsidiaries as well as special purpose vehicles (SPVs) — Rapid Metro Rail Gurgaon Ltd. (RMGL) and Rapid Metro Rail Gurgaon South Ltd. (RMGSL).
In addition, the apex court’s order had directed HSVP to deposit 80 per cent of total debt due (of more than ₹2,400 crore audit performed by CAG), with an amount of ₹1,925 crore within three months into the escrow accounts of both SPVs.
The company added that if any amount gets appropriated from the said escrow accounts, the appropriation shall be subjected to further orders of the National Company Law Appellate Tribunal (NCLAT) or any other competent legal authority in accordance with the order.
The lead bank in RMGL is the Andhra Bank in addition to Bank of India, Dena Bank (presently Bank of Baroda), Indian Bank, Indian Overseas Bank, Punjab National Bank, Punjab & Sindh Bank and UCO Bank.
The lead bank in RMSGL is Canara Bank as well as Andhra Bank, Central Bank of India, Corporation Bank (presently Union Bank of India), IIFC (UK) Ltd. and Punjab & Sindh Bank.
The release said that resolution of ₹1,925 crore has formed to be a part of the total recovery of ₹61,000 crore estimated by New Board. It stands for the resolution of over 61 oA of overall debt of ₹99,000 crore approximately (both fund and non-fund based) as of October, 2018.
IL&FS had attained the two-phased Gurgaon Metro Project developed through RMGL and RMGSL in the years 2009 and 2013 respectively.
