NEW DELHI: Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has received approval from Justice (retd) D K Jain”s for sale of Chenani Nashri Tunnelway Ltd (CNTL) to Cube Highways and Infrastructure II PTE Ltd (CUBE).
Justice Jain is overseeing the resolution process of the debt-laden group.
CNTL is a wholly owned subsidiary of IL&FS Transport Network (ITNL), an IL&FS company. It has been classified as an amber company.
The group said CUBE was the highest bidder for CNTL and the same was ratified by the committee of creditors (CoC) of ITNL and CNTL.
“Cube had bid approximately Rs 3,900 crore for the entire 100 per cent stake in CNTL,” IL&FS said in a statement.
The group will now seek approval from the National Company Law Tribunal (NCLT) and National Highways Authority of India (NHAI) to complete the sale transaction.
“On completion, this sale will address Rs 4,910 crore of IL&FS”s debt. The proceeds of the sale would be distributed in accordance with the resolution framework approved by NCLAT,” it said.
Part of the ambitious 286-km long four-laning of the Jammu-Srinagar National Highway, the Chenani Nashri Tunnelway project provides connectivity between Chenani and Nashri and cuts down 31 kms of the Jammu-Srinagar distance.
On Tuesday, the group said it received Justice Jain”s approval for sale of Jorabat Shillong Expressway (JSEL) to Sekura Roads Ltd (SRL).
Sale of road assets is part of the IL&FS board”s strategy to resolve over Rs 99,000 crore outstanding debt.
Source: Press Trust of India