Section 5 in The Airports Authority of India (Major Airports) Development Fees Rules, 2011
5. Utilization of development fees in respect of airports other than airports managed by the Authority.
(1)Based on the determination of development fees by the Airports Economic Regulatory Authority, each Airport Operator shall submit a drawdown schedule to the Authority.(2)In case an Airport Operator has raised debt against realization of development fees, the Airport Operator shall submit the Drawdown Schedule on the basis of the debt servicing schedule agreed with the lender.(3)The Airport operator may in accordance with the Drawdown Schedule, submit their request to the Authority fifteen days prior to Drawdown Schedule date for the release of development fees installment.(4)The amount of installments of development fees shall be disbursed to the Airport Operator in accordance with the Drawdown Schedule and subject to the balance available in the Development Fees Disbursement Account as specified in rule 4.(5)The Airport Operator shall submit an utilisation certificate within fifteen days of the end of every quarter of the financial year for the amount received during that quarter.(6)For the subsequent installments of development fees, the Airport Operator shall submit utilization certificate duly certified by an independent auditor, to be appointed by the Authority.(7)The Authority may also ask for submission of certificate about progress of work by the Airport Operator duly certified by the independent engineer appointed by the Authority.(8)Upon release of the last installment of development fees, the Airport Operator shall furnish the utilisation certificate duly certified by the independent auditor within forty-five days from the date of release of the last installment.(9)If at any stage, it is found that the development fees has not been utilised by the Airport Operator for the specified purpose (as per the report of the independent auditor or independent engineer), the Airport Operator shall pay penal interest at State Bank of India Base Rate plus ten percent per annum on such amount from the date of its withdrawal.
