The National Company Law Tribunal (NCLT) has approved IL&FS Transportation Networks Limited (ITNL) to transfer its Rs 32.10 million equity shares (14.5 per cent stake) in Moradabad Bareilly Expressway Limited (MBEL) to Roadstar Infra Investment Trust (InvIT). This move will help IL&FS in its debt resolution process, enabling MBEL to service its debt obligations.
The first phase of the InvIT includes Barwa Adda Expressway, Baleshwar Kharagpur Expressway, Sikar Bikaner Highway, East Hyderabad Expressway, Moradabad Bareilly Expressway, and Jharkhand Road Projects Implementation Company. This phase has been approved by authorities and lenders, facilitating the resolution of over Rs 160 billion in debt.