Creditors agree to recast IL&FS Transportation Networks arm's Rs 1,269 cr debt
Barwa Adda Expressway (BAEL), have agreed to restructure the ₹1,269 crore debt of the toll company, allowing them to classify the account as standard to recover their dues.
The restructuring documents are being finalised and creditors expect to complete the process and book the recovery in the current quarter, people familiar with the plans said.
An IL&FS spokesperson confirmed that lenders have approved the restructuring of its ₹1,269 crore aggregate debt.
BAEL was granted a 20-year concession by the National Highways Authority of India in 2013 to widen the Barwa-Adda-Panagarh section of NH-2 to 521 km from 398 km to six lanes including Panagarh Bypass in the states of Jharkhand and West Bengal on a design, build, fund, operate, and transfer basis.
The toll road is currently operational with three tolling booths on the stretch, allowing lenders to collect money in an escrow account which will be used to service the sustainable debt.
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