NCLT approves sale of IL&FS' education assets to Falafal Technology

IIDMCC is the wholly-owned subsidiary of ITNL International Pte Limited (IIPL), which in turn is a wholly-owned subsidiary of IL&FS Transportation Networks Ltd

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the sale of Infrastructure Leasing and Financial Services' (IL&FS) education assets to Falafal Technology Private Limited, a subsidiary of Lexington Equity Holdings Ltd (LEHL).

As a part of the deal, Falafal has agreed to acquire 73.90 per cent of the shares of Schoolnet India Limited, in which IL&FS currently holds 68.93 per cent, IL&FS Employee Welfare Trust holds 4.73 per cent and the rest is held by LEHL. The deal will essentially mean that LEHL will service Schoolnet’s entire debt of Rs 600 crore and pay a small equity