[ad_1]
Mumbai: Financial Creditors Fast Metro Gurgaon Rail (RMGL), a part of the IL&FS Group, received 83% of their total claim of Rs 715 crore. Following the IL&FS Board’s decision to initiate interim distribution on November 2, 2022, the group has started disbursing the recovered amount to creditors.
Secured financial creditors of RMGL — UBI, BoI, Indian Bank, Punjab & Sind Bank, UCO Bank, BoB, PNB and Indian Overseas Bank- will get Rs 625 crore. This is the first time that IL&FS financial creditors are getting cash and following the board’s decision to pay Rs 16,361 crore already collected among the group companies. This amount includes Rs 11,296 crore in cash and Rs 5,065 crore in invite units.
The IL&FS board said that out of the total financial obligations of Rs 99,000 crore, Rs 61,000 crore will be resolved. Of this, Rs 55,000 crore was estimated to end this fiscal year. The board has not decided on how to deal with the long-tail recovery of around Rs 6,000 crore.
NCLAT has approved interim dividend on the condition that if at the time of final group resolution, if it is found that any creditor has overpaid during the interim stage, the excess will be returned to the group before final resolution.
RMGL is a Special Purpose Vehicle (SPV) under concession from Haryana Urban Development Authority in a Public-Private Partnership to implement the metro link from Delhi Metro Rail Corporation (DMRC) Sikanderpur station to Gurgaon’s NH-8. The sponsor of the SPV is the IL&FS group of companies including IL&FS Rail Limited and IL&FS Transport Networks Limited (ITNL).
Secured financial creditors of RMGL — UBI, BoI, Indian Bank, Punjab & Sind Bank, UCO Bank, BoB, PNB and Indian Overseas Bank- will get Rs 625 crore. This is the first time that IL&FS financial creditors are getting cash and following the board’s decision to pay Rs 16,361 crore already collected among the group companies. This amount includes Rs 11,296 crore in cash and Rs 5,065 crore in invite units.
The IL&FS board said that out of the total financial obligations of Rs 99,000 crore, Rs 61,000 crore will be resolved. Of this, Rs 55,000 crore was estimated to end this fiscal year. The board has not decided on how to deal with the long-tail recovery of around Rs 6,000 crore.
NCLAT has approved interim dividend on the condition that if at the time of final group resolution, if it is found that any creditor has overpaid during the interim stage, the excess will be returned to the group before final resolution.
RMGL is a Special Purpose Vehicle (SPV) under concession from Haryana Urban Development Authority in a Public-Private Partnership to implement the metro link from Delhi Metro Rail Corporation (DMRC) Sikanderpur station to Gurgaon’s NH-8. The sponsor of the SPV is the IL&FS group of companies including IL&FS Rail Limited and IL&FS Transport Networks Limited (ITNL).
[ad_2]
Source link