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. Schoolnet has two subsidiaries, IL&FS Cluster Development Initiative (ICDI) and Skill Training Assessment Management Partners (STAMP) and also owns 80 per cent stake in IL&FS Skill Development Corporation (ISDC). The tribunal has also allowed other reliefs regarding the deal sought by IL&FS.

“We are of the view that the sale of education assets has been made within the resolution framework and the same is approved and recorded,” NCLT said in an order dated August 31.