Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
IL&FS receives Rs.1,925-Cr as termination payment for Gurgaon metro project
IL&FS has received INR 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. This payment, received in escrow accounts, comes in compliance with the Supreme Court's order of 26 March 2021, that ruled in favor of IL&FS in the Gurgaon Metro Project-developed via IL&FS subsidiaries and SPVs (special purpose vehicles) Rapid Metro Rail Gurgaon Ltd (RMGL) and Rapid Metro Rail Gurgaon South L (RMGSL). The Supreme Court in its order had directed HSVP to deposit 80% of total "debt due" (of over INR 2,400 crore on the basis of audit conducted by CAG), amounting to INR 1,925 crore, within three months into the escrow accounts of the two SPVs.
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.