NCLT Dismisses Chronos Properties' Rs 1,080 Crore Bid for IL&FS BKC Property

The National Company Law Tribunal has dismissed Chronos Properties' bid to acquire IL&FS's Bandra Kurla Complex property for Rs 1,080 crore, allowing IL&FS to revise the transaction value. The tribunal supported IL&FS's right to amend the financial terms and deemed their revised valuation aligned with value-maximization objectives.

The National Company Law Tribunal (NCLT) has rejected Chronos Properties' Rs 1,080 crore offer to acquire the IL&FS Financial Centre at the Bandra Kurla Complex, following a dispute over bid valuation.

The tribunal emphasized IL&FS's contractual right to amend the financial terms of the transaction, supporting a revised bid of Rs 1,481 crore as per the August 2024 letter. This revision aligned with the value-maximisation objectives under the court-approved resolution framework.

The tribunal ordered Chronos to submit a performance guarantee within 30 days, failing which disqualification from the bidding process would occur, in line with IL&FS's emphasis on value maximization in public interest.

(With inputs from agencies.)