Mumbai: National Company Law Appellate Tribunal (NCLAT) has allowed IL&FS to distribute Rs 1,925 crore received as compensation for Gurgaon Metro to the creditors of the troubled infrastructure group.
Last year, IL&FS group received Rs 1,925 crore from Haryana Urban Development Authority ,HSVP) after payment as interim termination payment to the escrow account a Supreme Court Ruled in favor of IL&FS with respect to Gurgaon Metro project. In its order, the Supreme Court had held that any appropriation of any amount from escrow accounts shall be subject to further orders of the NCLAT or any other competent statutory authority in accordance with the said order, which shall be duly complied with by IL&FS.
The NCLAT has permitted this distribution under the interim distribution framework on a proportionate basis approved by the IL&FS Board. The project was earlier excluded from the list of other companies that were approved under the interim delivery framework by a May 31 order of the tribunal.
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