MUMBAI: Brookfield, a leading global alternative investment firm, is back in the spotlight along with the historic IL&FS building, which has played a significant role in establishing BKC as Mumbai’s financial district. The bankrupt financier that sold the property to a Brookfield-affiliated entity is now seeking to overturn its recent court decision, alleging that the global asset manager did not meet the bid’s requirements and that the bid security has expired.
Sources within the finance industry suggest that rising commercial property values in BKC have rendered Brookfield’s original offer for the IL&FS Centre—formerly occupied by HDFC—less appealing, as highlighted in IL&FS’s latest petition to the Mumbai NCLT.
IL&FS contends that a petition filed with a bankruptcy court indicates that Chronos, the Brookfield entity, breached essential terms of the sale by not renewing a ₹108-crore performance guarantee that lapsed in April 2025. This obligation was allegedly outlined in both the letter of intent and original bidding documents from 2022.
“CPPL has opted not to renew the performance guarantee beyond April 2025, making the Letter of Intent, including the bid, invalid,” IL&FS stated in its filing. The company requests that the tribunal annul the Letter of Intent and deem Chronos’ application irrelevant.
