Govt takes over 3 road projects of debt-ridden IL&FS

Road Project
The government is set to take over three under-construction national highway projects that were being executed by debt-ridden IL&FS Group. The projects will be owned by the ministry of road transport and highways after the parties reached a settlement of about ₹200 crore with the group's lenders. The projects will be re-tendered for completion, said an industry insider, adding that this out of court settlement has been reached under a new framework. As per the guidelines, recourse may be taken for foreclosure of an EPC agreement by a mutually agreed and executed agreement between the parties for projects awarded under the EPC mode, which qualify as stuck projects. The concerned authority (NHAI/NHIDCL/PWD) would pay for the executed or completed work in terms of milestone payment criteria set forth in the agreement. The settlement for projects constructed by IL&FS has been reached broadly on the basis of these guidelines, said official sources, reiterating that this is the right way to move forward on such projects, otherwise these would linger on, resulting in increasing the cost of construction of remaining balance work.

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