ILFS gets Rs 693 cr settlement claim for two road projects

With the latest development, NHAI and MoRTH have settled aggregate IL&FS claims of over Rs 1,804 crore across 6 road projects.

In a statement, IL&FS said its subsidiary IL&FS Transportation Networks India Limited (ITNL), on March 31, 2021, duly received settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway (KNCEL) and Rs 20 cr towards claims for Chenani Nashri Tunnelway (CNTL) from NHAI. KNCEL project was foreclosed under the MoRTH guidelines of March 2019 for incomplete or stalled projects. CNTL is a completed project which is earning annuities.

Earlier, Fagne Songadh Expressway Ltd (FSEL), a 100 per cent subsidiary of ITNL, completed its settlement with NHAI receiving an amount of Rs 707 crore. Other IL&FS projects settled under claims and compensation by NHAI with the new board till date include Jorabat Shillong Expressway (JSEL) (Rs 252 crore), Baleshwar Kharagpur Expressway (Rs 8 crore) and ITNL Road Infrastructure Development Company (Rs 144 crore) that was settled by the Ministry of Road Transport and Highways (MoRTH).

Further, there is a pending settlement of Rs 902 crore for the Khed Sinnar Expressway project and Rs 171 crore for Amravati Chikli Expressway from NHAI. FSEL, KNCEL and IRIDCL have been handed over to the authorities post settlement of claims. BKEL will form part of the InVIT that will include 11 road projects in two phases. Further the settlement of claims in terms of FSEL, KNCEL, IRIDCL, IL&FS would address an aggregate debt of Rs 3,500 crore through NHAI and MoRTH settlements.