IL&FS has filed a petition with the Mumbai NCLT seeking to cancel the sale of its iconic BKC finance centre to Brookfield’s unit, Chronos, citing non-compliance with bid terms. The company alleges that Chronos failed to renew a Rs 108 crore performance guarantee—a key condition outlined in the 2022 bidding documents—rendering the letter of intent invalid.
The dispute comes amid a sharp rise in commercial property values in Bandra Kurla Complex, making Brookfield’s original offer of Rs 1,080 crore appear less attractive. IL&FS argues that the lapse in bid security breaches the sale agreement and has asked the tribunal to declare Chronos’ application infructuous.
The IL&FS Centre, once home to HDFC, was a landmark in Mumbai’s financial landscape and a symbol of BKC’s emergence as a business hub. The outcome of this legal challenge could reopen the bidding process and reshape the future of one of the city’s most prized commercial assets.
