M&A

M&A

NCLT okays sale of 18 IL&FS units in Mumbai to Gajra Brothers for Rs.315-Cr

Economic Times  

The National Company Law Tribunal (NCLT) has cleared the sale of 18 commercial units at Kohinoor Square in Mumbai to the Gajra Brothers and associated parties for about INR 315 crore. The units are currently held by IL&FS group entities, which are IL&FS Transportation Networks (ITNL) and IL&FS Financial Services (IFIN) and the transaction is expected to fetch INR 56.44 crore for ITNL and INR 257.88 crore for IFIN.The sale is part of the IL&FS resolution framework approved by the NCLAT, which allows the monetisation of assets to settle creditor dues.