NHAI considering paying ₹700 crore to IL&FS for road project

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Cash-Strapped Infrastructure Leasing & Financial Services (IL&FS) which is looking to refinance itself may get a payment of ₹700 crores from National Highway Authority of India (NHAI)

NHAI was supposed to pay ₹700 crore to IL&FS Transportation Network (ITNL) against a road project in Maharashtra. After the claim by IL&FS’s subsidiary, the government instructed NHAI to make the payment at the earliest.

A source as quoted by Money control stated that the government body might pay IL&FS a bit lower than the contractual payment.

NHAI earlier this week paid ₹425 crore to ITNL. The company has been under a debt obligation of ₹1000 crores to Small Industries Development Bank of India (SIDBI) and has managed to pay only ₹50 crores on a whole.

As revealed by data from Value Research, IL&FS has a debt of ₹197.29 crores. against LIC Mutual Fund along with ₹73.97 crore against 5 more payment to Mutual fund.

The total debt obligation of IL&FS at a group level is ₹91,091.31 crores and It is liable to pay ₹5,756 crore debt in the coming year. Reportedly, the company has defaulted three times this month.

SIDBI has decided to file a case against IL&FS under Reserve Bank of India for defaulting on its term.

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