Archive · 23 Jan 2026
Brookfield-backed firm renews bank guarantee for IL&FS office bid
A company called Chronos Properties, which is supported by Brookfield, wanted to buy a big office building in Mumbai from a company called IL&FS.
They had to give a promise to the bank to show they were serious about buying it.
The price for the building was first ₹1,080 crore, but IL&FS later said it should be ₹1,481 crore.
Chronos had to give a new promise to the bank worth ₹148 crore to stay in the race.
A special court said they could do this, and now everyone will talk about it again on February 2, 2026.
Chronos Properties renewed a ₹148 crore bank guarantee to stay in the race for acquiring IL&FS' Bandra Kurla Complex property.
The renewal was done in compliance with NCLAT's direction to avoid disqualification as a bidder.
IL&FS revised the purchase consideration to ₹1,481 crore from the original ₹1,080 crore, citing updated valuation reports.
NCLAT has scheduled the next hearing for February 2, 2026, on Brookfield's appeal challenging NCLT's order.
NCLT affirmed IL&FS' contractual powers to enhance the purchase consideration and granted Chronos time to submit a fresh bank guarantee.
- Who
- Chronos Properties (Brookfield-backed firm) and IL&FS
- What
- Renewal of bank guarantee to stay in the race for acquiring IL&FS office premise
- When
- December 19, 2025 (renewal), Next hearing on February 2, 2026
- Where
- Mumbai, India
- Why
- To comply with NCLAT's direction and avoid disqualification as a bidder
- Company
- Chronos Properties
- Bank Guarantee Amount
- ₹148 crore
- Property
- IL&FS Financial Centre, BKC, Mumbai
- Original Bid Value
- ₹1,080 crore
- Revised Consideration
- ₹1,481 crore
- Next Hearing Date
- February 2, 2026
- Tribunal
- National Company Law Appellate Tribunal (NCLAT)