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NHAI pays ₹693 crore to settle two IL&FS road projects

IL&FS Transportation Networks Ltd (ITNL), a subsidiary of IL&FS, on Sunday said it has obtained a settlement amount of 673 crore for Kiratpur Ner Chowk Expressway (KNCEL) and 20 crore within the course of claims for Chenani Nashri Tunnelway (CNTL), from the Nationwide Highways Authority of India (NHAI).

The amount was obtained on March 31, Infrastructure Leasing and Monetary Providers (IL&FS) said in a press launch.

The KNCEL undertaking was foreclosed beneath the Ministry of Highway Transport and Highways (MoRTH) suggestions of March 2019 for incomplete or stalled tasks.

CNTL is a completed undertaking, incomes annuities, and the 19.6 crore is the declare amount within the course of change of scope, the assertion said.

It said Fagne Songadh Expressway Ltd (FSEL), a 100 per cent subsidiary of ITNL, had earlier completed its settlement with NHAI beneath the model new MoRTH protection on stuck-up tasks receiving an amount of 707 crore.

Different IL&FS tasks settled beneath claims and compensation by NHAI till date embody Jorabat Shillong Expressway (JSEL) 252 crore; Baleshwar Kharagpur Expressway (BKEL) ( 8 crore); and ITNL Highway Infrastructure Improvement Firm (IRIDCL) ( 144 crore) that was settled by MoRTH.

The group further said there’s a pending settlement of 902 crore for the Khed Sinnar Expressway undertaking and 171 crore for Amravati Chikli Expressway from NHAI.

FSEL, KNCEL and IRIDCL have been handed over to NHAI and MoRTH publish settlement of claims, it said together with that BKEL will sort part of the infrastructure funding perception (InvIT) which will embody 11 Highway tasks in two phases.

“Between FSEL, KNCEL, IRIDCL – IL&FS can be addressing an combination debt of 3500 crore by NHAI and MoRTH settlements,” the assertion said.

The IL&FS group, as part of its debt resolution framework licensed by NCLAT, is following a multi-pronged approach for its street property to deal with debt.

It has plans to sort InvIT for 12 street tasks, settle incomplete tasks beneath MoRTH suggestions and monetise steadiness street property to the very best bidder.

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