PPP administrators Ernst & Young will now make an application to the Courts to establish a date for a hearing. At that hearing, a date for the transfer of the people, assets and contracts of the Metronet business to TfL control will be set. this is anticipated within weeks.
London Underground Managing Director Tim O'Toole said: "We have now begun the final process of removing Metronet from Administration, which is a major achievement and extremely good news for London's Tube passengers. We anticipate that the Metronet business will transfer to Transport for London during the next few weeks.
"In dealing with the collapse of Metronet, and through the Administration process, there have been two key priorities:
"First, to ensure the continued safe and reliable operation of the Tube network for passengers. That has been achieved and I would like to pay tribute to the hard work and dedication shown by all Metronet and London Underground staff, as well as the PPP Administrators. We need to continue to work together for passengers.
"Secondly, following Administration, we will seek to put in place a stable, economic and efficient structure that is better able to deliver Transport for London's investment priorities leading to increased capacity on the Tube in future, along with station security and communications improvements.
"The transfer to Transport for London control will enable us to further restructure and properly plan for the future," he said.
Alan Bloom, PPP Administrator said: "The Mayor's approval is a major milestone towards achieving the transfer of the business."
The PPP Administrators will write to creditors in early May to provide further details of the transfer schemes.