The headquarters of Infrastructure Leasing and Financial Services Limited (IL&FS) at Bandra Kurla Complex
| Photo Credit: PAUL NORONHA
Scam-hit Infrastructure Leasing & Financial Services Ltd. (IL&FS) has moved the National Company Law Tribunal (NCLT) seeking to cancel the sale agreement for its headquarters in the Bandra-Kurla Complex (BKC) to Brookfield-backed Chronos Properties Pvt. Ltd. (CPPL). The latter had agreed to acquire the prime property for ₹1,080 crore and had provided performance guarantees of ₹108 crore for the same.
Citing non-compliance of bidding terms and conditions, IL&FS stated that CPPL had failed to renew the performance guarantees, which was contractually required to remain valid until until signing of definitive agreement. The performance guarantees had expired on April 16 and 17, 2025 and the agreement has become invalid since then.
The property is now valued at about ₹2,000 crore and finding a new buyer would financially benefit IL&FS.
Published – July 03, 2025 09:15 pm IST
