IL&FS moves NCLT to scrap Brookfield’s bid to acquire its headquarters in Mumbai’s BKC

The property, according to industry sources, is currently valued at over ₹1,700 crore.
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Infrastructure Leasing & Financial Services Ltd. (IL&FS) has filed a petition with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking to dismiss Brookfield-backed Chronos Properties Private’s (CPPL) bid for acquiring IL&FS’ headquarter located at the heart of Bandra Kurla Complex (BKC), citing bidder disqualification and non-compliance with bidding conditions.

The petition states that Chronos Properties has breached fundamental terms of the bid by failing to renew a ₹108 crore performance guarantee that was contractually required to remain valid until the execution of definitive agreements. The performance guarantees expired on April 16 and 17, 2025, claimed IL&FS, and CPPL failed to renew these on the said dates.

IL&FS’s filing stated, “CPPL has decided not to renew the performance guarantee after April 2025, thereby rendering the letter of intent, including the bid, invalid. Further, having suffered a disqualification parameter, CPPL also stands disqualified as a successful bidder.”

While CPPL’s bid submitted in December 2021 amounted to ₹1,080 crore, the entire process of getting approval took two years with MMRDA giving its final approval in June 2024. The property, according to industry sources, is currently valued at over ₹1,700 crore.

The new IL&FS Board has till date discharged total debt of ₹45,000 crore, while maintaining the overall debt resolution target at ₹61,000 crore.

Published on July 3, 2025