NCLT allows IL&FS Transportation Networks to offload shares in an expressway project

The National Company Law Tribunal (NCLT) has granted permission to IL&FS Transportation Networks to sell its shares in Moradabad Bareilly Expressway to Roadstar Infra Investment Trust. The transfer involves 3,21,40,691 equity shares, representing a 14.5% stake. The transaction, approved by IL&FS's new board and ITNL Board in October 2023, received no objection from Union Bank of India. The tribunal allowed IL&FS to proceed with the sale as per the terms of the share purchase agreement with Axis Trustee Services Limited and Roadstar Investment Managers.