MUMBAI: Financial creditors to Rapid Metro Gurgaon Rail (RMGL), a part of the IL&FS group, have got 83% of their total claims of Rs 715 crore. The group has started distributing recovered amounts to creditors following an IL&FS board decision to start interim distribution on November 2, 2022.
The secured financial creditors of RMGL — UBI, BoI, Indian Bank, Punjab & Sind Bank, UCO Bank, BoB, PNB and Indian Overseas Bank – will receive Rs 625 crore. This is the first time that IL&FS financial creditors are receiving cash and follows a decision by the board to pay out Rs 16,361 crore already collected across group companies. This amount includes Rs 11,296 crore of cash and Rs 5,065 crore of Invit units. The IL&FS board had said that of the total financial obligations of Rs 99,000 crore, Rs 61,000 crore would be resolved. Of this, Rs 55,000 crore was estimated to be completed this fiscal. The board has not taken a decision on how to address the long-tail recovery of around Rs 6,000 crore.
NCLAT has approved the interim dividend with the condition that if during the final group resolution, it turns out that any creditor has received excess pay out at the interim stage, the excess amount would be returned to the group before the final resolution.
RMGL is a special purpose vehicle (SPV) incorporated with the purpose of implementing the metro link from Delhi Metro Rail Corporation (DMRC) Sikandarpur Station to NH-8 in Gurgaon under concession from Haryana Urban Development Authority in a public-private partnership. The sponsors in the SPV are IL&FS group companies including IL&FS Rail Limited and IL&FS Transport Networks Limited (ITNL).
The secured financial creditors of RMGL — UBI, BoI, Indian Bank, Punjab & Sind Bank, UCO Bank, BoB, PNB and Indian Overseas Bank – will receive Rs 625 crore. This is the first time that IL&FS financial creditors are receiving cash and follows a decision by the board to pay out Rs 16,361 crore already collected across group companies. This amount includes Rs 11,296 crore of cash and Rs 5,065 crore of Invit units. The IL&FS board had said that of the total financial obligations of Rs 99,000 crore, Rs 61,000 crore would be resolved. Of this, Rs 55,000 crore was estimated to be completed this fiscal. The board has not taken a decision on how to address the long-tail recovery of around Rs 6,000 crore.
NCLAT has approved the interim dividend with the condition that if during the final group resolution, it turns out that any creditor has received excess pay out at the interim stage, the excess amount would be returned to the group before the final resolution.
RMGL is a special purpose vehicle (SPV) incorporated with the purpose of implementing the metro link from Delhi Metro Rail Corporation (DMRC) Sikandarpur Station to NH-8 in Gurgaon under concession from Haryana Urban Development Authority in a public-private partnership. The sponsors in the SPV are IL&FS group companies including IL&FS Rail Limited and IL&FS Transport Networks Limited (ITNL).
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