IL&FS gets nod to restart construction of road project

IL&FS Engineering & Construction Company has secured government's nod to restart work on one of its road projects, which was earlier up for foreclosure; the company has reached an arbitration agreement for two other projects. MoRTH received an approval to revive the work on 106 km long Birpur-Bihpur section of National Highway 106. Like other road projects, this project too was up for foreclosure as the company is currently undergoing a financial crisis. Instead of foreclosing, the company had sought permission for executing the project, said official sources. The ₹191 crore settlement agreement was entered with NHAI for two road projects, pertains to their rehabilitation and upgradationtion work. IL&FS also entered into a settlement agreement with NHAI for two of its road projects for ₹150.15 crore and has received ₹41.82 crore as claim amount for its Daboka to Nagaon section of NH-36 in Assam. In addition, the company has received ₹108.33 crore as claim amount for Dharamtul to Sonapur Section of National Highway 37 in Assam.