Asian News

Real estate news – Gurgaon toll plaza to go, IDFC tells HC

NEW DELHI: Commuters can expect a smooth drive on the Delhi-Gurgaon expressway in the next 1-2 months. After several flip flops, the lead lenders of the project told Delhi High Court on Monday that they will remove the 32-lane toll plaza at Delhi border and tolling for the entire stretch will be done only at Kherki Dhaula.

In an affidavit filed in the HC, Infrastructure Development Finance Company (IDFC) submitted that they will bring in a new player to manage the project.

IDFC claimed Monday’s development as a “breakthrough” and that all parties in this case have agreed on the settlement. “The next step is to work out the operational details and plan for when and how the lenders will substitute the existing concessionaire,” a spokesperson said.

The modalities are likely to be worked out in the next one week and would be submitted to the court on February 3 when it is scheduled to hear the case. Both NHAI and the present operator Delhi Gurgaon Super Connectivity Ltd (DGSCL) told a bench of Justice Manmohan Singh they would study the proposal and come back to the court. Once all parties accept the proposal a consent order can be passed.

“We should be able to push. We have some concerns. We’ll come back with a consent order in a week. We are hopeful,” the parties told the bench.

IDFC also informed HC that the senior lenders agree to replace DGSCL, as NHAI earlier recognized a debt of Rs 1,275 crore. In its affidavit IDFC also said the claim of Rs 988 crore of DGSCL shall be withdrawn and all conditions in the MoU of September 2012 will be implemented by the financial institutions or substitute concessionaire who they may select.

TOI had first reported on January 11 the major breakthrough of IDFC and DGSCL submitted a joint letter to NHAI stating that the present operator is ready to exit the project and would drop its claims.

It maintained that all rights and obligations of the parties, including the senior lenders under the concession agreement and those passed on by the DGSCL shall remain unaffected.

http://timesofindia.indiatimes.com/city/delhi/Gurgaon-toll-plaza-to-go-IDFC-tells-HC/articleshow/29459161.cms

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