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IL&FS gets Rs 1,925 crores from Haryana govt in Gurgaon Metro Project case

The High Court ruled in September 2019 that O&M (operations and maintenance) of the Metro Link be handed over to HSVP and directed CAG to carry out financial audit of total debt due, the company said.

June 27, 2021 / 03:01 PM IST

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Sunday 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.

This payment received in the escrow accounts, comes in compliance of the Supreme Court's March 26, 2021 order that ruled in favour of IL&FS in the Gurgaon Metro Project, the release said.

The Supreme Court in its order had directed HSVP to deposit 80 per cent of total debt due (of over Rs 2,400 crore basis audit conducted by CAG), amounting to Rs 1,925 crore, within three months into the escrow accounts of the two SPVs, the release said.

Appropriation of any amount from the said escrow accounts shall be subject to further orders of the NCLAT or any other competent legal authority as per the order, the company said. IL&FS had bagged the two-phased Gurgaon Metro Project developed through RMGL and RMGSL in 2009 and 2013. IL&FS had bagged the two-phased Gurgaon Metro Project developed through RMGL and RMGSL in 2009 and 2013.