Mumbai: IL & FS has restored 1,925 crore Rs from Haryana Shehari Vikas Pradhikaran (HSVP), the state urban planning agency, as an interim termination payment in the case of a Gurgaon Metro project.
This payment follows the highest order of the March 26 Supreme Court which controls IL & FS in the Metro case.
IL & FS subsidiary Rapid Metro Rail Gurgaon (RMGR) and Rapid Metro Rail Gurgaon South (RMGSL) has developed the project.
The Supreme Court made a sign that both for IL & FS in its recovery efforts from the state government that had made payments after the bankrupt group.
For example, IL & FS have a claims of Rs 500 Crore on the Jharkhand government as an annuity on road projects.
SC booking says that money must be stored in an escrow account and apropriation will submit to further orders from NCLlat or other competent legal authorities.
The benefit of payment will flow to the lender to the project.
Andhra Bank (now a part of the Union Bank) is a bank leader in RMGL, along with Punjab National Bank, Indian foreign banks, Bank Indians, Bank Punjab & Sind, Bank of UCO, Bank of India (now a part of the bank (now Baroda ).
Canara Bank is the main bank in RMGSL, along with Andhra Bank and Bank Corporation (now a part of the Union Bank of India), Punjab & Sind Bank, Indian Central Bank and IIFC (UK).
“This decision will set priorities for the project – Another project where infrastructure companies, including IL & FS, are seeking their legitimate duescontrol payments with various state governments, “said a spokesman for the company.
RS 1,925-Crore’s recovery is part of the RS 61,000-Crore recovery that is estimated by the LED board IL & FS Uday Box.