IL&FS gets NCLT nod for sale of education assets
The National Company Law Tribunal (NCLT) has approved the sale of education assets of debt-ridden IL&FS to Lexington Equity Holdings Ltd (LEHL). A two-member Mumbai Bench of the NCLT approved the sale of IL&FS's 73.69 per cent stake in Schoolnet India, formerly known as IL&FS Education &Technology Services, to Falafal Technology Pvt Ltd. Falafal Technology is a step-down subsidiary of LEHL, which already owns 26.13 per cent stake in Schoolnet.