The National Company Law Tribunal (NCLT) has approved the application filed by IL&FS to transfer 3,21,40691 equity shares to Roadstar Infra investment trust. This relief from the tribunal to IL&FS Transportation Networks Ltd in Moradabad Bareilly Expressway Ltd has made the company free and clear from all encumbrances, liens, security interest and third-party claims, which also include statutory and tax claims.
As per the order copy, the transferred equity shares represents 14.5 per cent of the balance share holding of the company. As per the orders passed by the tribunal in October 2018, it held that the authorities cannot initiate recovery proceedings against IL&FS or any of its entities.
The order thus had prevented the institution or continuation of suits or any other proceedings by any person or bank or company against IL&FS and its 348 group of companies in any of the courts of law or any other judiciary authority. The applicant company also informed the tribunal that on March 4, 2021, it had submitted an application to Justice (Retd) DK Jain, who had approved the application filed by the company, thus allowing the company to transfer 85.50 per cent of the share-holding held by ITNL in MBEL to the InvlT.
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