NCLT allows IL&FS to sell road projects through InvIT

11 Oct 2021 CW Team

Infrastructure Leasing and Financial Services (IL&FS) has received approval from the National Company Law Tribunal (NCLT) to sell road projects of its Transportation Networks via Infrastructure Investment Trust (InvIT).

After the approval, the company will be able to issue units of InvIT to the major lenders, such as the State Bank of India (SBI), Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank.

InvIT had already received the final registration from the Securities and Exchange Board of India (SEBI). The road projects sold via InvIT will address the group's debt of Rs 9,214 crore. A spokesperson of IL&FS said that the valuation represents a significant recovery from the creditors of special purpose vehicles (SPVs) and the companies who provided debt to these SPVs.

The banks have written their debt to the IL&FS group because it was classified as a non-performing asset.

The InvIT has six road projects, including Barwa Adda Expressway, Baleshwar Kharagpur Expressway, East Hyderabad Expressway, Sikar Bikaner Highway, Moradabad Bareilly Expressway and Jharkhand Road Projects Implementation Company.

The Rs 9,214 crore project was devised by an independent valuer appointed as per SEBI's regulations for InvIT. IL&FS has proposed to complete over Rs 16,000 crore through InvIT. NCLT's approval for the phase-1 project is a part of the process, and in the second phase, InvIT added five more road assets.

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