IL&FS to seek lenders’ approval for road asset sales through e-voting

Resolution for IL&FS’ five road assets hangs in the balance as bid validity for these projects is set to expire by month-end. In a last-ditch effort to finalise the sales of these assets, the group will now seek lenders’ approval through e-voting.

“The bids for the five road projects will expire on February 29. As the next date of hearing for IL&FS at the National Company Law Tribunal is not before that, the group is trying to get lenders’ approval through e-voting,” said a person privy to the development. The person added: “The e-voting process for some of these projects commenced earlier this month. For all five, it is expected to conclude before the deadline.” An IL&FS spokesperson confirmed the e-voting.