IL&FS Engineering Intimates Termination Of Contract By Maharashtra Metro Rail
IL&FS Engineering and Construction Company Limited (Company) has received a letter from Maharashtra Metro Rail Corporation Limited informing the Company of the decision of the competent authority to terminate the contract for construction of Seven Elevated Metro Stations, and Three At-Grade Stations (North-South Corridor) viz. congress Nagar to Khapri and Viaducts between Ch: 7/850 to 8/030 and Ch: 8/574 to 9/692 in Reach-1 of Nagpur Metro Rail Project.
The details with respect to the subject termination of the contract are as follows:
| S. No. | Particulars | Details |
| 1 | Name(s) of parties with whom the agreement is entered; | Maharashtra Metro Rail Corporation Limited: Employer IL&FS Engineering and Construction Company: Contractor |
| 2 | Nature of the order(s)/contracts | Construction of seven elevated metro stations, and three at-grade stations (North-South Corridor) viz. congress Nagar to Khapri and Viaducts between Ch: 7/850 to 8/030 and Ch: 8/574 to 9/692 in Reach-1 of Nagpur Metro Rail Project |
| 3 | Date of execution of the order(s)/contract(s) | LOA dated July 21, 2016; and Contract date: August 12, 2016 |
| 4 | Reason for termination and impact thereof (to the extent possible) | Reason for termination - Alleged slow progress Impact - All Bank Guarantees provided by the Company (Rs 93 Crore (approx)) would be enchased by Maharashtra Metro Rail Corporation Limited |
