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The National Company Law Tribunal (NCLT) on Friday allowed both operators running the Gurgaon Rapid Metro Rail since 2013 and 2017 to hand over the metro rail project to Haryana Urban Development Authority (HUDA). The decision comes after both operators Rapid MetroRail Gurgaon Limited (RMGL) and Rapid MetroRail Gurgaon South Limited (RMGSL) had previously served termination notices to HUDA on June 7 of 2019.
Due to various and alleged breaches in the contract by Haryana Urban Development Authority (HUDA), both operators had served termination notices to HUDA, giving a 90 days notice as per the concession agreement.
Pursuant to order dated 8th of August 2019 passed by the National Company Law Tribunal (NCLT) both RMGSL and RMGL were required to seek prior approval from Justice (retd) D K Jain, who mandated to oversee the IL&FS resolution process, before selling, transferring, encumbering, alienating, dealing with or creating any third party right, title or interest on any movable or immovable assets related to Gurgaon Rapid Metro Rail project.
Pursuant to the aforesaid order, both operators filed for an order seeking Justice D K Jain’s approval for handing over the Gurgaon Rapid Metro link to Haryana Urban Development Authority (HUDA).
After hearing all concerned parties involved (including authorities and lenders) on Friday, Justice Jain allowed Rapid Metro Gurgaon Limited (RMGL) to hand over the Gurgaon Rapid Metro project on or before September 9, 2019, to HUDA, upholding the termination notice served by the company in June 2019.
In his order, he has also said that HUDA shall be free to engage the services of RMGL at mutually discussed charges to run the Rapid Metro Rail project ’till such time as appropriate/alternative arrangements are made to run the same.
The case was filed in the Punjab and Haryana High Court in Chandigarh by HUDA on behalf of Haryana Government on Friday. The next date of hearing is fixed on September 9 with interim direction to continue service of Rapid Metro uninterrupted till midnight of September 9 unless otherwise directed by the Court.
This article first appeared on urbantransportnews.com
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