INSUBCONTINENT EXCLUSIVE:
IL-FS has received Rs 1,925 crore from Haryana government in the Gurgaon Metro caseDebt-laden Infrastructure Leasing and Financial Services
(IL-FS) on Sunday said it has received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran as interim termination payment in the Gurgaon
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
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.Due to multiple unmet obligations by
the HSVP, RMGL and RMGSL had terminated the concession agreements in September 2019 and demanded termination payments as per the concession
agreement under authority event of default, the release said.HSVP had, however, refuted the contention of RMGL and RMGSL citing
concessionaire event of default and challenged the matter in the High Court of Punjab and Haryana, it said.The High Court ruled in September
2019 that operations and maintenance of the Metro Link be handed over to HSVP and directed CAG to carry out financial audit of total debt
The court also asked HSVP to pay 80 per cent of debt due determined by CAG in the escrow account within 30 days of submission of CAG report,
it said.HSVP had consented to the High Court order and accordingly took over the Metro Link project operations in October 2019 thereby
resulting in no inconvenience to general public, it said
Further, the audit of debt due was conducted by an independent firm of chartered accountants appointed by CAG and the scope of the audit was
decided after considering inputs received from both IL-FS and HSVP, the release said.
