The National Company Law Tribunal (NCLT) has approved the sale of IL&FS’s Chennai Nashri Tunnelway to Cube Highways for Rs 60 billion. While the deal’s execution is still pending, final approvals are expected soon, with recovery rates for secured lenders reaching up to 115 per cent.

Cube Highways has agreed to make an initial offer of Rs 53 billion, with an additional Rs 4 billion allocated for external creditors and delay adjustments of Rs 3-4 billion, depending on the completion date. This transaction marks the largest asset monetisation under the IL&FS group and will help address an additional Rs 25 billion of IL&FS Group debt, increasing the total addressed debt from Rs 430 billion to Rs 455 billion.