Lenders give nod to sale of IL&FS’ three road projects
Mumbai: Lenders to bankrupt infrastructure financier IL&FS have cleared the sale of three road projects that would fetch them nearly Rs 6,250 crore. The committee of creditors approved the sale of Chenani-Nashri Tunnel to Cube Highways with a vote of over 90 per cent. While the sale of Pune Sholapur Road to Italy-headquartered Autostrade was cleared with a vote of 84 per cent and Jorabat Shillong Expressway will be sold to Edelweiss-backed Sekura Roads with a 100 per cent vote.
IL&FS confirmed that it had received lenders’ approval for sale of these projects.
“A big hurdle has been passed for the sale of these projects, now Justice (retired) DK Jain and the bankruptcy appellate tribunal have to approve the distribution framework so that the sale proceeds can be divided appropriately among lenders,” an official involved with the matter said.
