Rapid MetroRail Gurgaon South: Creditors get interim payout of Rs 1,273 crore from IL&FS

Mumbai (Maharashtra) [India], January 9 (ANI): Infrastructure Leasing & Financial Services (IL&FS) on Monday said it completed the interim distribution pay-out for Rapid MetroRail Gurgaon South (RMGSL), an IL&FS Group company.

The Group has paid a total of Rs 1,273 crore, of which Rs 1,252 crore has been paid to the secured financial creditors, for RMGSL. The total claims of secured financial creditors — including Canara Bank, Union Bank of India, Central Bank, Punjab & Sind Bank and India International Finance Company (UK) — in RMGSL was Rs 1,546 crore. The company said this distribution translated in a recovery of around 81 per cent to these secured financial creditors. The four PSU banks have got over 75 per cent of the said RMGSL distribution pay-out.

The company said the IL&FS board had approved this payout in its meeting held last month. The IL&FS said it has already completed the interim distribution of Rs 623.3 crore for Rapid MetroRail Gurgaon (RMGL) which translated into a recovery of 83 per cent for secured financial creditors, against their total claims of Rs 752 crore.
The company said RMGSL and RMGL have also completed pay-out to unsecured creditors.

On an aggregate basis, the Group said it paid about Rs 1,908 crore on an interim basis to creditors in these two companies. The IL&FS, under the interim distribution framework, proposes to distribute an aggregate amount of Rs 16,361 crore across select Group companies. The proposed distribution of Rs 16,361 crore includes Rs 11,296 crore of cash and Rs 5,065 crore of Invit units and is being undertaken as per the interim distribution framework approved by National Company Law Appellate Tribunal (NCLAT) in June 2022.