IL&FS can sell 51% in wind units to Japanese investor

MUMBAI: A bankruptcy court has approved the sale of the wind energy assets of IL&FS to Japan’s Orix Corp, one of the original investors in the cash-strapped infrastructure financier. It is the first step in a restructuring process involving sale of assets that have demand externally.

On Wednesday, the Mumbai bench of the National Company Law Tribunal (NCLT) allowed the governmentappointed board’s plea for the sale of IL&FS’ balance 51% stake in seven wind energy units to Orix. The Japanese company already owns a 49% stake in each of those units.

The NCLT division bench was presided over by judicial member VP Singh. The technical member was Rajesh Sharma. “The company should deposit the fund from the asset sale in an interest bearing account until further orders,” said the tribunal. “The amount should not be used for any other purpose.”