Archive · 1 Dec 2025
NCLT Dismisses Brookfield's Bid for IL&FS Mumbai HQ
The National Company Law Tribunal (NCLT) in Mumbai decided that IL&FS can change the terms of the sale for its headquarters in BKC.
Brookfield's company, Chronos Properties, had offered ₹1,080 crore for the building, but IL&FS said the property is now worth ₹1,700 crore and asked for a higher bid of ₹1,482 crore.
The court said IL&FS can do this and that Chronos can still bid again if they provide new bank guarantees.
Brookfield plans to challenge this decision.
IL&FS has been selling its properties to pay off its debts since a big financial crisis in 2018.
NCLT dismissed Brookfield's ₹1,080 crore bid for IL&FS Mumbai HQ but allowed IL&FS to revise bid terms.
IL&FS revalued the property at ₹1,700 crore and asked Chronos to revise its offer to ₹1,482 crore.
Chronos can participate in fresh bidding by submitting new bank guarantees within 30 days.
Brookfield plans to pursue remedies, including appellate avenues, against IL&FS's unilateral change in purchase consideration.
IL&FS has been monetizing its assets to manage debt obligations since a liquidity crisis in 2018.
- Who
- Infrastructure Leasing and Financial Services Ltd (IL&FS) and Chronos Properties (Brookfield affiliate)
- What
- NCLT dismissed Brookfield's bid for IL&FS Mumbai HQ but allowed IL&FS to revise bid terms
- When
- 28 November 2024
- Where
- Mumbai, India
- Why
- IL&FS sought to revise the bid terms based on a higher property valuation
- Property
- IL&FS Financial Centre (TIFC), BKC, Mumbai
- Initial Bid
- ₹1,080 crore by Chronos Properties (Brookfield affiliate)
- Revised Valuation
- ₹1,700 crore by IL&FS
- Revised Bid Amount
- ₹1,482 crore requested by IL&FS
- NCLT Decision Date
- 28 November 2024
- Leasable Area
- 4.5 lakh sq ft
- IL&FS Debt Crisis
- 2018
