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The National Company Law Tribunal (NCLT) has approved the sale of IL&FS's education business, Schoolnet India Ltd, to Lexington Equity Holdings Ltd (LEHL).

As per the deal, LEHL will service the entire debt of Schoolnet and will pay equity of around Rs 7.39 crore to IL&FS, the parent company.

LEHL already holds a 26.13 per cent stake in Schoolnet India.

"On hearing the Counsel for the applicant and upon going through the pleadings and the documents attached to the application, we are of the view that the sale of education assets has been done within the Resolution Framework and the same is approved and recorded," the NCLT's Mumbai bench said.

The proposed sale was earlier approved by Justice D.K. Jain, who is overseeing the IL&FS resolution process. In March, the Committee of Creditors approved the deal.

The sale is expected to be completed by the end of the October-December quarter.