Mumbai: Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Sunday (June 27) said it has received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case.
The two-phased Gurgaon Metro Project was developed through IL&FS subsidiaries and special purpose vehicles (SPVs) – Rapid Metro Rail Gurgaon Ltd (RMGL) and Rapid Metro Rail Gurgaon South Ltd (RMGSL), a company release said.
Amount received from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case.
This payment, received in escrow accounts, comes in compliance of the Supreme Court’s Order of March 26, 2021, that ruled in favour of IL&FS in the Gurgaon Metro Project – developed through ILFS subsidiaries and Special Purpose Vehicles (SPVs) – Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL).
Supreme Court in its Order had directed HSVP to deposit 80% of total “debt due” (of over Rs 2,400 crore basis audit conducted by CAG), amounting to Rs 1925 crore, within 3 months into the Escrow Accounts of the two SPVs.
Andhra Bank is the lead bank in the RMGL along with PNB, Indian Overseas Bank, Indian Bank, Punjab & Sindh Bank, UCO Bank, Bank of India and Dena Bank (presently Bank of Baroda).
Canara Bank is the lead bank in RMGSL along with Andhra Bank, Corporation Bank (presently Union Bank of India), Punjab & Sindh Bank, Central Bank of India and lIFC (UK) Ltd.
This resolution of Rs 1,925 crore forms part of the Rs 61,000 crore total recovery estimated by the New Board which represents the resolution of over 61 oA of overall debt of approx. Rs 99,000 crore (fund based and non-fund based) as of October 2018