Section 21 in The Rail Land Development Authority (Development of Land and Other Works) Regulations, 2012
21. Escrow Account.
(1)In addition to the securities and guarantees specified in these regulations, the lessee may also be required to open an escrow account with a scheduled Indian bank for crediting m1d routing cash flows from the capital raised, revenues as well as expenditures of the lessee in respect of the development project and such escrow account shall be operated jointly by the Authority and the lessee under a tripartite escrow agreement signed with the escrow bank.(2)The escrow account shall be closed only after fulfillment of conditions specified in the lease agreement and in case of projects where escrow account is not necessary, the lessee shall be required to route all its cash flows through designated bank accounts only.
