IL&FS gets creditors' approval for sale of education biz

New Delhi: IL&FS Group on Tuesday said it has received approval from creditors for sale of education business to Career Point Publications Pvt Ltd (CPPPL). Schoolnet India Ltd (erstwhile IL&FS Education & Technology Service Ltd) would be sold to CPPPL.

The Committee of Creditors (CoC) represents all the financial creditors to IL&FS Ltd, the holding company of the IL&FS Group.

According to a release, CPPPL's financial bid was approved by more than 78 per cent of IL&FS's creditors, in terms of value, through an e-voting process that concluded on November 5.

Sources said the outstanding debt for this business amounts to Rs 600-650 crore.

The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore. IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd.