Chronos Properties Secures BKC Property Stake with Renewed Bank Guarantee

Chronos Properties, backed by Brookfield, renewed a Rs 148 crore bank guarantee to maintain its eligibility in acquiring the Bandra Kurla Complex property from IL&FS. The insolvency appellate tribunal NCLAT was informed about the renewed bank guarantee, while legal proceedings regarding the property's valuation continue.

In a strategic move, Chronos Properties, supported by Brookfield, has secured its position in the race to acquire the flagship Bandra Kurla Complex property from Infrastructure Leasing and Financial Services (IL&FS). The company demonstrated compliance by renewing a crucial Rs 148 crore bank guarantee.

The development came to light through an affidavit submitted to the National Company Law Appellate Tribunal (NCLAT), stating that three demand drafts totaling Rs 148 crore were lodged with the registrar of the Mumbai-bench of the National Company Law Tribunal.

The legal proceedings evolve as Chronos Properties challenges IL&FS's revised asset valuation. Despite initial setbacks, the NCLT affirmed IL&FS's rights to raise the purchase consideration but allowed Chronos to remain a qualified bidder with a renewed bank guarantee.

(With inputs from agencies.)