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NCLT approves IL&FS stake sale in GIFT City to Gujarat govt

That sale consideration payable to IL&FS excluding resolution process costs shall be credited into a designated escrow account intimated to the infrastructure lending group

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IL&FS also submitted in order to facilitate and implement the sale or resolution process ofa GIFTCL, an amount of Rs 61,84,403 is excluded as resolution process costs

BS Web Team IANS New Delhi

3 min read Last Updated : May 27 2020 | 4:30 PM IST

The Principal Bench of National Company Law Tribunal (NCLT) has approved the stake sale of IL&FS in Gujarat International Finance Tec-City Company Limited (GIFTCL) to the Government of Gujarat.

The crisis-ridden IL&FS holds 50 per cent stake in GIFTCL. Notwithstanding the liability of GIFTCL, the Gujarat Government has agreed to pay positive equity value of 100 per cent of the IL&FS stake in GIFTCL, by which, the positive equity value of over Rs 32.70 crore will come to IL&FS.

In its order the tribunal said that the applicant, IL&FS had submitted that the sale resolution has been conducted to ensure

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