Revised framework for computation of Net Distributable Cash Flow (NDCF) by Infrastructure Investment Trusts (InvITs)

Net Distributable Cash Flow computation standardised for InvITs, defining eligible receipts, permissible deductions and distribution constraints.

Revised framework standardises computation of Net Distributable Cash Flow (NDCF) for InvITs and their HoldCos/SPVs, specifying included items (operating cash flows, NDCF distributions from SPVs, treasury income, net sale proceeds) and excluded or deducted items (finance cost excluding amortisation, principal debt repayments except refinanced debt, required contractual or statutory reserves, and unfunded capital expenditure). NDCF at SPV must be reflected at Trust level for the period even if cash transfers occur later, cumulative minimum distributions must be maintained, and restrictions apply to distributions funded by external debt with limited treasury exceptions.