INSUBCONTINENT EXCLUSIVE:
The Gurgaon Metro is the country's first fully privately-developed project which was built by IL-FS.The Gurgaon Metro will be operated and
maintained by IL-FS till September 17 midnight as a licensee while its operational cost will be borne by the Haryana Urban Development
Authority (HUDA), the Punjab and Haryana High Court ruled on Monday
The court also set September 17 as the next date of hearing in the matter related to termination of service contract between HUDA and Rapid
Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL), the two special purpose vehicles (SPVs) floated by the
the next date of hearing on September 17, the respondent (RMGL) shall operate and manage the Rapid Metro Rail at Gurgaon on both the lines
but subject to reimbursement of the insurance and operation and maintenance cost by the petitioners (HUDA) of this period, the high court
for HUDA submitted that the respondent can act as a licensee
The parties have also agreed to a termination of contract payment of at least 80 per cent to be given to RMGL/RMGSL by HUDA, the order
The court said it has found that the dispute between the parties may be resolved by negotiation for which they both would require some time
IL-FS to HUDA, with the court seeking detailed modalities of how the transfer would work out between them
The development came after the expiry of the 90-day termination notice served by RMGL and RMGSL to HUDA on June 7, which came to end on
operations for financial reasons, the company has said it served termination notice to HUDA over the 'breach of terms" as per the concession
The RMGL and RMGSL had on Friday last got approval from Justice (retd) D K Jain, appointed by the NCLAT to oversee IL-FS resolution process,
City, DLF Phase 2, DLF Phase 3, NH-8 and Golf Course Road up to Sector 55-56, among others and provides connectivity to the Delhi Metro from
The metro witnesses an average daily ridership of around 60,000 passengers.Get Breaking news, live coverage, and Latest News from India and
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