The Uday Kotak-led board of IL&FS on Tuesday moved the Mumbai bench of the National Company Law Tribunal (NCLT), seeking its approval to complete the sale of seven wind energy assets of IL&FS to the Japan-based ORIX Corporation. The bench, headed by VP Singh and Rajesh Sharma, sought details on the enterprise valuation of these assets and reserved the order on the matter.
In June, the board had approved the sale of its entire 51% stake in the seven group companies to ORIX, which already owns 49% stake in the entities.
