Chronos Properties Renewed ₹148 Crore Bank Guarantee to Stay in IL&FS BKC Property Race
Brookfield-backed Chronos Properties has renewed a ₹148 crore bank guarantee to stay in the race for acquiring the flagship Bandra Kurla Complex property of Infrastructure Leasing and Financial Services (IL&FS).
In an affidavit filed before the insolvency appellate tribunal NCLAT, Chronos Properties informed that it has tendered three demand drafts aggregating to ₹148 crore with the registrar of the Mumbai-bench of the National Company Law Tribunal on December 19, 2025.
Earlier on December 5, the NCLAT had directed Chronos Properties to renew its bank guarantee within a month to avoid disqualification as a bidder for IL&FS Financial Centre (IL&FS HQ) at BKC, Mumbai.
The appellant has complied with the direction passed by this tribunal in its order dated December 5, 2025, within the time frame (30 days) provided therein, said Chronos Properties in its affidavit filed before NCLAT recently.
Passing an interim order on December 5, the National Company Law Appellate Tribunal had also directed the debt-ridden IL&FS group not to create third-party rights on its headquarters until the appeal is finally decided.
NCLAT has scheduled its next hearing for February 2 on the appeal filed by Brookfield, which challenged NCLT's recent order upholding IL&FS's right to enhance the purchase consideration for the headquarters property under the contractual provisions of the LoI, in line with the value-maximisation principle underpinning the IL&FS resolution framework.
Chronos' original bid for the asset stood at ₹1,080 crore, approved through IL&FS' four-tier resolution mechanism.
IL&FS subsequently revised the consideration to ₹1,481 crore, citing provisions in the LOI that allow this, updated valuation reports, and its obligation to maximise value under the IL&FS Resolution Framework. The bank guarantee is in accordance with the revised valuation.
This was contested by Chronos before NCLT. However, NCLT, while affirming IL&FS' contractual powers, held that Chronos' failure to renew the bank guarantee could not, by itself, lead to disqualification, and granted it time to submit a fresh bank guarantee equivalent to 10 per cent of the bid value with the tribunal registrar.
On December 1, NCLT dismissed the ₹1,080-crore bid by Brookfield-backed Chronos Properties to acquire IL&FS' Bandra Kurla Complex property.
