IL&FS' stake sale in IPRWL to Indian Oil Adani hits IOC hurdle

Synopsis This is the second time the sale of this distressed asset has encountered obstacles, following a Morgan Stanley-run fund's withdrawal from a deal to purchase it a year ago. iStock The sale of IL&FS Paradip Refinery Water to IndianOil Adani Ventures, a deal worth <600 crore, has hit a roadblock with the state-owned refiner Indian Oil Corporation (IOC) delaying the consent, raising concerns about the timely completion of the sale. The IL&FS board is planning to approach the National Company Law Appellate Tribunal (NCLAT) to proceed with the sale without IOC's consent. This is the second time the sale of this distressed asset has encountered obstacles, following a Morgan Stanley-run fund's withdrawal from a deal.