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IL&FS allowed to revise terms in HQ sale to Chronos
Mint Ahmedabad
|December 02, 2025
The National Company Law Tribunal (NCLT) has upheld Infrastructure Leasing and Financial Services Ltd's (IL&FS) contractual right to revise the transaction value in the sale of its iconic headquarters, The IL&FS Financial Centre (TIFC), in Mumbai's premier office hub Bandra Kurla Complex (BKC).
In 2021, Chronos Properties Pvt. Ltd, an affiliate of investment firm Brookfield, had emerged as the highest bidder at ₹1,080 crore for the property as part of the resolution process for debt-laden IL&FS.
In its 28 November order, the NCLT's Mumbai Bench disposed of an application filed by Chronos seeking enforcement of its ₹1,080 crore bid for TIFC. The tribunal further ruled that IL&FS's 16 August 2024 letter enhancing the consideration to ₹1,481 crore is valid and cannot be quashed.
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