Infrastructure Leasing and Financial Services (IL&FS) on Sunday said 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.
The payment received in the escrow accounts comes in compliance of the Supreme Court’s March 26 order that ruled in favour of IL&FS in the project.
The 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 statement said.
The apex court in its order had directed HSVP to deposit 80 per cent of the total debt due amounting to Rs 1,925 crore within three months into the escrow accounts of the two SPVs. The dues are more than Rs 2,400 crore on basis of audit conducted by the CAG.
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 HSVP, the special purpose vehicled had terminated the concession agreements in September 2019 and demanded termination payments as per the concession agreement under authority event of default, IL&FS said.