Crisis-ridden IL&FS on Monday said it has received approval from Justice (retd) D.K. Jain on the proposed sale of wind energy subsidiaries, held under IL&FS Wind Energy Ltd (IWEL), to ORIX Corporation of Japan.
Justice Jain was appointed by the National Company Law Appellate Tribunal (NCLAT) to supervise the operation of resolution process of IL&FS Group companies.
“The approval has been granted on the conditions that the proposal will now be placed before the NCLT (National Company Law Tribunal) for its approval and the bid amount realized from the sale be kept in an escrow account,” an IL&FS statement said.
The amount in escrow account will be disbursed in accordance with the directions in the proceedings, pending before the NCLT or the NCLAT, as applicable, it added. Read more