In the Gurgaon Metro Project case, a payment of Rs 1925 crore has been made to IL&FS from the Haryana Urban Development Authority on an immediate basis. On 26 March 2021, the Supreme Court ruled in favor of IL&FS in this case.
The court’s decision came in March 2021.
Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) has received Rs 1,925 crore from the Haryana Urban Development Authority (HSVP) as payment for ‘severance’ in the Gurgaon Metro project. The company gave this information on Sunday.
Development of Two Phase Gurgaon Metro Project Subsidiaries and Special Units (SPVs) of IL&FS…Rapid Metro Rail Gurgaon Ltd. (RMGL) and Rapid Metro Rail Gurgaon South Ltd. (RMGSL) was being done. Due to non-fulfilment of conditions and obligations on the part of HSVP, these companies withdrew from the contract of special facility for the project in 20219. These companies had demanded compensation from the Haryana government for termination of relations due to non-fulfillment of the condition of the agreement.
This payment has been received in the escrow account, which is in line with the Supreme Court’s order dated March 26, 2021. The court had ruled in favor of IL&FS in the Gurgaon Metro project. In a statement issued by the company, it has been said that the Supreme Court in its order will have to deposit 80 percent of the total outstanding loan i.e. Rs 1,925 crore to HSVP in the escrow account of both the particular units within three months.
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