Haryana Government Gives Funds To IL&FS In Gurgaon Metro Project Case

Debt-laden Infrastructure Leasing and Monetary Providers (IL&FS) on Sunday mentioned it has obtained Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran as interim termination fee within the Gurgaon Metro Venture case. The 2-phased Gurgaon Metro Venture was developed via IL&FS subsidiaries and particular goal automobiles (SPVs) – Speedy Metro Rail Gurgaon Ltd (RMGL) and Speedy Metro Rail Gurgaon South Ltd (RMGSL), an organization launch mentioned.

This fee obtained within the escrow accounts, is available in compliance of the Supreme Court docket’s March 26, 2021 order that dominated in favour of IL&FS within the Gurgaon Metro Venture, the discharge mentioned.

The Supreme Court docket in its order had directed HSVP to deposit 80 per cent of whole debt due (of over Rs 2,400 crore foundation audit performed by CAG), amounting to Rs 1,925 crore, inside three months into the escrow accounts of the 2 SPVs, the discharge mentioned.

Appropriation of any quantity from the mentioned escrow accounts shall be topic to additional orders of the NCLAT or every other competent authorized authority as per the order, the corporate mentioned. IL&FS had bagged the two-phased Gurgaon Metro Venture developed via RMGL and RMGSL in 2009 and 2013. IL&FS had bagged the two-phased Gurgaon Metro Venture developed via RMGL and RMGSL in 2009 and 2013.

As a result of a number of unmet obligations by the HSVP, RMGL and RMGSL had terminated the concession agreements in September 2019 and demanded termination funds as per the concession settlement below authority occasion of default, the discharge mentioned.

HSVP had, nonetheless, refuted the competition of RMGL and RMGSL citing concessionaire occasion of default and challenged the matter within the Excessive Court docket of Punjab and Haryana, it mentioned.

The Excessive Court docket dominated in September 2019 that operations and upkeep of the Metro Hyperlink be handed over to HSVP and directed CAG to hold out monetary audit of whole debt due, the corporate mentioned. The court docket additionally requested HSVP to pay 80 per cent of debt due decided by CAG within the escrow account inside 30 days of submission of CAG report, it mentioned.

HSVP had consented to the Excessive Court docket order and accordingly took over the Metro Hyperlink challenge operations in October 2019 thereby leading to no inconvenience to normal public, it mentioned. Additional, the audit of debt due was performed by an impartial agency of chartered accountants appointed by CAG and the scope of the audit was determined after contemplating inputs obtained from each IL&FS and HSVP, the discharge mentioned.