Tag: Chronos Properties

CommercialLatest Stories

Chronos Properties extends ₹148 crore bank guarantee for IL&FS office

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,…

Latest StoriesRegulatory

NCLAT Orders Chronos Properties to Renew Bank Guarantee for IL&FS

NEW DELHI: On Friday, the National Company Law Appellate Tribunal (NCLAT) instructed Brookfield-backed Chronos Properties to renew the bank guarantee for the acquisition of the flagship Bandra Kurla Complex property from Infrastructure Leasing and Financial Services Ltd (IL&FS). In an interim order, NCLAT also prohibited the debt-laden IL&FS group from creating third-party rights on its headquarters until the appeal is resolved. NCLAT emphasized the necessity for Chronos to renew the Performance Bank Guarantee to avoid disqualification in acquiring the IL&FS headquarters. Both parties have been directed to finalize pleadings, file replies, and rejoinders by January 16, with the next hearing…

Latest StoriesRegulatory

NCLT Rejects Chronos Properties’ ₹1,080 Cr Bid for IL&FS BKC

MUMBAI: The National Company Law Tribunal (NCLT) has rejected the ₹1,080 crore bid from Brookfield-backed Chronos Properties for the acquisition of Infrastructure Leasing and Financial Services Ltd (IL&FS)’s flagship Bandra Kurla Complex property. On November 28, the NCLT’s Mumbai Bench dismissed Chronos’s application to enforce its bid for the IL&FS Financial Centre located at BKC. The tribunal upheld IL&FS’s right to amend the transaction consideration. It confirmed that the Letter of Intent (LoI) dated March 21, 2022, is a binding contract between the parties, but noted that it includes provisions allowing IL&FS to unilaterally modify the agreement, including financial terms,…