Creditors approve sale of IL&FS education business to Career Point

Career Point buys SIL, 78% CoC approves of the plan. Career Point will repay SIL debt and get 80% stake also

The Committee of Creditors (CoC) of IL&FS has approved the sale of the IL&FS’s Education business – School net India Limited which was formerly known as IL&FS Education & Technology Service. CoC has approved the sale to Career Point Publications Private Limited (CPPPL). The CoC of IL&FS represented all the financial creditors of the group.

The financial bid of CPPPL was approved by more than 78 per cent IL&FS’s creditors by value. The voting was done electronically and concluded on November 5, 2019.

The move is in tandem with the resolution plan submitted by the IL&FS board to the National