NCLT Permits IL&FS Transportation Networks to Divest 14.5 pc Stake in Moradabad Bareilly Expressway - Details

Additionally, the Union Bank of India filed an affidavit on April 26, 2024, expressing no objection to the proposed sale. Considering these endorsements, the tribunal found no grounds to reject the application, as noted in its order.
IL&FS Transportation Networks Gets NCLT Nod

IL&FS Transportation Networks Gets NCLT Nod (Image Source: iStockphoto)

The National Company Law Tribunal (NCLT) has permitted IL&FS Transportation Networks, a subsidiary of IL&FS, to sell its shares in Moradabad Bareilly Expressway to Roadstar Infra Investment Trust (InvIT).
The two-member bench, comprising Justice Prabhat Kumar and Justice V. G. Bisht, approved the transfer of 3,21,40,691 equity shares, representing the remaining 14.5 per cent stake held by IL&FS Transportation Networks in Moradabad Bareilly Expressway, to Roadstar Infra Investment Trust.
The decision follows the approval of the transaction by the new boards of IL&FS and IL&FS Transportation Networks (ITNL) on October 6, 2023.
Additionally, the Union Bank of India filed an affidavit on April 26, 2024, expressing no objection to the proposed sale. Considering these endorsements, the tribunal found no grounds to reject the application, as noted in its order.
"IL&FS Transportation Networks is further permitted to execute, implement, and give effect to the terms of the proposed share purchase agreement detailed in Annexure 25 with Axis Trustee Services Limited and Roadstar Investment Managers," the order added.
This move marks a significant step in the efforts of IL&FS and its subsidiaries to resolve financial challenges through strategic divestments and restructuring.
(With Inputs From PTI Agency)
End of Article
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