IL&FS moves tribunal to scrap BKC HQ office sale
IL&FS has argued that Chronos's Rs 1,080-crore bid has become "infructuous" following a breach of key deal terms, specifically the failure to renew a mandatory performance guarantee.
The dispute revolves around an application filed by Chronos and arises out of the larger resolution proceedings initiated by govt against IL&FS and its group companies.
The sale process began in 2020, when Brookfield affiliate Project Holdings Seven submitted an expression of interest and later nominated Chronos to complete the transaction.
A letter of intent (LOI) was signed in March 2022, backed by demand drafts worth Rs 108 crore as performance security. However, IL&FS contends that Chronos failed to renew these drafts before their expiry on April 16 and 17, 2025, violating a clause which mandates a 15-day buffer before expiration.
IL&FS maintains that this lapse automatically disqualifies Chromos and invalidates the letter of intent. The company also claims Chronos was aware of the clause, having previously renewed the guarantee multiple times.
The dispute escalated in Aug 2024, when IL&FS issued an amended letter of intent seeking a revised consideration of Rs 1,296 crore, citing updated fair market valuation. Chronos responded by filing an application seeking a stay on IL&FS's move and a freeze on any third-party sale.
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