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On Sunday, Infrastructure Leasing and Financial Services (IL&FS) disclosed that it has received Rs.1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as an interim termination payment in the Gurgaon Metro Project case.
A company release affirmed that the two-phased Gurgaon Metro Project was established through IL&FS subsidiaries and special purpose vehicles (SPVs) that involves Rapid Metro Rail Gurgaon Ltd (RMGL) and Rapid Metro Rail Gurgaon South Ltd (RMGSL).
According to reports, the payment received in escrow account comes in compliance with the March 26,2021 Supreme Courts Order . The order ruled in the favour of IL&FS in the Gurgaon Metro project. The Supreme court through its order had commanded Haryana Shehari Vikas Pradhikaran (HSVP) to deposit 80 per cent of the total ‘debt due’ (of over Rs.2400 crore basis audit conducted by CAG) estimating around Rs.1,925 crore within the next three months into the Escrow Accounts of the two SPV’s.
In Rapid Metro Rail Gurgaon Ltd (RMGL), Andhra Bank is the principal bank followed by PNB, Indian Overseas Bank, Indian Bank, Punjab and Sindh Bank, UCO Bank, Bank of India and Dena Bank (currently known as Bank of Baroda). On the other hand, in Rapid Metro Rail Gurgaon south Limited (RMGSL), Canara Bank is the principal bank followed by Andhra Bank, Corporation Bank (currently known as Union bank of India), Punjab and Sindh Bank, Central Bank of India and IIFC (UK) Ltd.
The above resolution of Rs.1,925 crore develops a part of the Rs 61,000 crore total recovery as estimated by the new board that represents the resolution of over 61 of overall debt of around Rs.99000 crore (fund based and non-fund based) as of October 2018.