IL&FS Engineering Announces Termination Of Contract By RVNL
IL&FS Engineering and Construction Company Limited (Company) has received a letter from Rail Vikas Nigam Limited (RVNL) informing the Company of the decision of the competent authority to terminate the contract for construction of seven stations including related works from Sub - CBD-1 to Titumir in New Garia- Airport Metro Corridor of Kolkata Metro Railway The details with respect to the subject termination of contract are as follows:
| S. No. | Particulars | Details |
| 1 | Name(s) of parties with whom the agreement is entered; | Rail Vikas Nigam Limited: Employer IL&FS Engineering and Construction Company Limited: Contractor |
| 2 | Nature of the order(s)/contracts | Construction of seven stations including related works from Sub- CBD-1 to Titumir in New Garia-airport Metro Corridor of Kolkata Metro Railway |
| 3 | Date of execution of the order(s)/contract(s) | March 5, 2014 |
| 4 | Reason for termination and impact thereof (to the extent possible) | Reason for Termination - Slow Progress Impact: Rail Vikas Nigam Limited will encash all BGs provided by the Company amounting to Rs.43 Crore (Approx) |
