NEW DELHI: Brookfield-backed Chronos Properties has successfully renewed a ₹148 crore bank guarantee, keeping its bid alive for the prime Bandra Kurla Complex property of Infrastructure Leasing and Financial Services (IL&FS).
In an affidavit submitted to the National Company Law Appellate Tribunal (NCLAT), Chronos announced that on December 19, 2025, it provided three demand drafts totaling ₹148 crore to the registrar at the Mumbai bench of the National Company Law Tribunal.
Previously, on December 5, NCLAT instructed Chronos Properties to renew its bank guarantee within a month to remain eligible as a bidder for the IL&FS Financial Centre at BKC, Mumbai. “The appellant has complied with the tribunal’s directive given on December 5, 2025, within the specified timeframe,” Chronos noted in its recent affidavit.
The NCLAT also issued an interim order on December 5, restricting the financially struggling IL&FS group from transferring third-party rights on its headquarters until the appeal is resolved.
The NCLAT has scheduled a hearing for February 2 regarding Brookfield’s challenge to NCLT’s previous decision, which upheld IL&FS’s right to increase the purchase price for the headquarters property based on the contractual provisions in the Letter of Intent (LoI), aimed at maximizing value in line with the IL&FS resolution framework.
Chronos’s initial bid for the property was ₹1,080 crore, which was approved through IL&FS’s resolution mechanism. Following this, IL&FS revised the required consideration to ₹1,481 crore, citing contractual provisions and updated valuation reports that justified the increase under the framework’s value-maximization principles. The renewal of the bank guarantee adheres to this updated valuation.
Chronos contested this decision before NCLT. However, the NCLT maintained IL&FS’s contractual authority, ruling that Chronos’s failure to renew the guarantee alone did not warrant disqualification. It granted the company additional time to submit a new bank guarantee equivalent to 10% of the bid value.
On December 1, the NCLT had rejected Chronos Properties’ ₹1,080 crore bid for IL&FS’s Bandra Kurla Complex asset.
