As the transition period of 90 days which ends on May 19, during which the lenders of the project had taken over the expressway from DGSCL on February 20 on the Delhi high court orders. The lenders are required to float a special purpose vehicle (SPV) firm for taking up the managing of the expressway for the next nine years till January 2023.
According to the court orders passed by the Delhi High Court on February 19, the lenders led by IDFC had appointed Feedback Brisa as operation, maintenance and tolling (OMT),operating for 90 days for which the term expires on May 19.
''The appointment of Feedback Brisa as OMT for the 90 days transition period was a temporary arrangement.As the transition period expires on May 19, all the constituent banks have decided to form a consortiums firm Millennium City Expressways Private Limited after May 19. All the banks will get respective internal approval by May 15 after which we would approach the NHAI for the formal approval for floating MCEPL as a new concessionaire for eight years and seven months concession period for managing the expressway. MCEPL would also sign a new concession agreement with NHAI,'' Sanjay Grewal, the group head of IDFC told Hindustan Times.