The IL&FS Group today completed sale of its 73.69 per cent stake in Education business, held under Schoolnet India Limited (SIL), to Falafal Technologies Private Limited (FTPL). The sale was completed pursuant to the approval granted by the Hon. National Company Law Tribunal (NCLT), Principal Bench vide order dated August 31, 2020.
The IL&FS Group on Wednesday announced that it sold 73.69 per cent stake in Education business, held under Schoolnet India Limited (SIL NSE 2.60 %), to Falafal Technologies Private Limited (FTPL). The sale was completed pursuant to the approval granted by the National Company Law Tribunal. The transaction provides positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund based and non-fund based financial debt, without any haircut to lenders.
What are the new challenges for the board? With respect to the sale process, running multiple processes simultaneously, onerous commercial arrangements with counter parties and the weak external environment have posed challenges. Unexpected lockdown extensions in different parts of the country also impact smooth functioning with regards to external and internal functioning, approval processes and timelines. Some challenges are being faced in realising faster settlement of receivables, due to the IL&FS Group, for the work done. However, we are confident of meeting our stated aggregate debt resolution numbers in these times.
The National Company Law Tribunal (NCLT) has approved the sale of education assets of debt-ridden IL&FS to Lexington Equity Holdings Ltd (LEHL). A two-member Mumbai Bench of the NCLT approved the sale of IL&FS's 73.69 per cent stake in Schoolnet India, formerly known as IL&FS Education &Technology Services, to Falafal Technology Pvt Ltd. Falafal Technology is a step-down subsidiary of LEHL, which already owns 26.13 per cent stake in Schoolnet.
The Covid crisis could not have come at a worse time for the Infrastructure Leasing and Financial Services (IL&FS) board that is in the process of resolving debt of Rs 99,000 crore. On March 12, 2020, the Uday Kotak-led board, which will complete two years in September-end, finally received the National Company Law Appellate Tribunal's (NCLAT's) approval for the resolution and distribution framework for the IL&FS Group. The proposal, incidentally, was submitted in January 2019. However, India went into the lockdown mode just 12 days after the nod from NCLAT.
The National Investment and Infrastructure Fund (NIIF) has begun early discussions to acquire about 49.5% stake in gas-based power plant ONGC Tripura Power Company Ltd (OTPC) for about Rs 1,500 crore, said two people aware of the development. This would be the first investment by the NIIF, India's first infrastructure specific investment fund, in the conventional energy sector.
Debt-ridden IL&FS has proposed to initiate bankruptcy proceedings for two of Its offshore firms — ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) - in the courts of the UAE. IL&FS had requested the Mumbai bench of the National Company Law Tribunal (NCLT) to take on record its proposal to initiate the bankruptcy proceedings before the Dubai courts under UAE Federal Decree.
Crisis-hit IL&FS will invite initial bids for selling its corporate headquarters in Mumbai's Bandra-Kurla Complex (BKC) later this month, about two years after the debt-laden infrastructure lender went bust, two people with direct knowledge of the development told ET. The company is looking to monetise the high-end office property by the end of this financial year and the deal is expected to fetch around Rs 1,500 crore.
IL&FS Engineering & Construction Company on Thursday reported narrowing of consolidated loss to Rs 13.58 crore for the March quarter. It incurred a loss of Rs 127.17 crore in January-March period of 2018-19, it said in a filing to BSE.
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the sale of Infrastructure Leasing and Financial Services' (IL&FS) education assets to Falafal Technology Private Limited, a subsidiary of Lexington Equity Holdings Ltd (LEHL).