India, May 28 -- The Principal Bench of National Company Law Tribunal (NCLT) has approved the stake sale of IL&FS in Gujarat International Finance Tec-City Company Limited (GIFTCL) to the Government of Gujarat, paving the way for resolution of around Rs 1,200 crore.
The crisis-ridden IL&FS holds 50 per cent stake in GIFTCL. Notwithstanding the liability of GIFTCL, the Gujarat government has agreed to pay positive equity value of 100 per cent of the IL&FS stake in GIFTCL, by which, the positive equity value of over Rs 32.70 crore will come to IL&FS.
In its order, the tribunal said the applicant, IL&FS had submitted that the sale resolution has been conducted to ensure a fair resolution upholding the key principles of the value maximisation...