IGI Metro may turn non-performing asset

NEW DELHI: The showpiece Airport Metro faces the threat of becoming a non-performing asset (NPA) since the lenders have not been getting the instalment for over two months. While the lead lender Axis Bank had asked the DMRC to terminate the contract and pay 80% of debt, DMRC has turned down the proposal saying this is not compulsory on its part.

On Friday, news agencies reported that the consortium of lenders led by Axis Bank may send notice to Delhi Airport Metro Express Pvt Ltd (DAMEPL) for non-payment of dues for over two months quoting an official of IIFC (UK).

Even the proposal of Union urban development ministry to group of ministers (GoM) to direct DMRC to pay 80% of debt has been returned by the Cabinet Secretariat. The ministry has been asked to hold inter-ministerial consultation involving finance ministry, Planning Commission and even Delhi government before referring the matter to GoM. The UD ministry has sought comments from these agencies in 15 days.

When contacted DMRC said that Axis Bank had asked it to terminate the concession agreement (CA) it has taken legal opinion on this. "As per the legal opinion, there is no obligation on DMRC to terminate the CA. The question of payment of 80% of debt due will arise only after the CA is terminated," a spokesperson said.

On whether the project will become NPA since DAMEPL has not paid the installments DMRC said that payment of interest is the obligation of DAMEPL who have obtained loan from lenders and not of DMRC. "DAMEPL had stopped payment of interest in March, 2013 even before abandoning the project on June 30. Even after June 30, when DMRC started train operations in public interest, the liability of interest payment is not shifted on DMRC and DAMEPL is responsible for payment of interest," the spokesperson said.

The consortium has an exposure of Rs 1,800 crore in the project and IIFC (UK), a subsidiary of India Infrastructure Finance Company Ltd (IIFCL) had given loan of about Rs 350 crore for import of rolling stock of the project.

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