&w=3840&q=100)
IL&FS moves NCLT to scrap Brookfield's Rs 1,080-cr bid for BKC property
IL&FS filed a petition in NCLT Mumbai bench on June 26, seeking to dismiss the Brookfield-backed bid for its flagship BKC property, the IL&FS Financial Centre (TIFC), citing bidder disqualification and non-compliance with bidding conditions.
In its petition, IL&FS alleged that an affiliate of Brookfield, Chronos Properties, was required to maintain Performance Guarantee until the execution of definitive agreements.
Chronos Properties failed to renew a Rs 108-crore Performance Guarantee, which expired in April, 2025, IL&FS said in the petition, adding that this entitles IL&FS to invoke the performance guarantees in addition to pursue remedies including disqualifying the bidder.
"The failure to maintain its bid security has extinguished any entitlement to proceed with the acquisition. The company has, therefore, urged the NCLT to declare Chronos' application infructuous and dismiss it," said the petition.
IL&FS has emphasised that 'value maximisation' is an important tenets for the public interest board's mandate under the court-supervised resolution process and approved resolution framework and sought Brookfield to revise its offer in line with the updated valuation, as per the filing with NCLT shoring resolution progress, the petition added.
IL&FS further stated that its new board has till date discharged a total debt of Rs 45,000 crore, while maintaining the overall debt resolution target at Rs 61,000 crore.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
31 minutes ago
- Time of India
Shahibaug businessman duped of Rs 66.66L in online trading scam
Ahmedabad: A 50-year-old businessman from Shahibaug area of the city fell prey to a cyberfraud involving a fake online trading platform and lost Rs 66.66 lakh between Jan and March this year. The city's Cybercrime police station has registered an FIR and launched a detailed investigation into the scam. The victim, a manufacturer of plastic liners, alleged that he was first contacted on Facebook on Jan 14 by a woman identifying herself as Vishika Agarwal. Their interaction soon shifted to WhatsApp, where she introduced him to an online trading platform called 'BITOP INDIA,' claiming it was a legitimate US-based investment portal offering high returns. Initially convinced, the businessman transferred Rs 1 lakh and received a return of Rs 50,292 — a move that gained his trust. Over the next two months, he transferred a total of Rs 66.66 lakh to multiple bank accounts based on instructions from Vishika and other alleged representatives of the platform. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad According to the complaint, the businessman was told his digital wallet held over 65,000 USDT — a cryptocurrency pegged to the US dollar. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esse novo alarme com câmera é quase gratuito em São Paulo (consulte o preço) Alarmes Undo However, when he attempted to withdraw his funds, he was asked to pay various charges, including income tax, green channel fees, and money laundering clearance. When no funds were returned, the businessman realised he had been duped and contacted the cybercrime helpline before filing a formal complaint. The FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act for cheating, criminal breach of trust, and criminal conspiracy. Cyber officials said a technical analysis of digital footprints, bank transactions, and communication logs was underway to trace the accused.
India.com
31 minutes ago
- India.com
After dispute with SBI, Anil Ambani's Reliance Infra and Reliance Power distance themselves from…
Anil Ambani (File) Reliance Infrastructure and Reliance Power on Thursday clarified that the State Bank of India's decision to classify Reliance Communications' loan account as fraudulent will have no impact on their business operations or financial performance. In separate filings to the stock exchanges, both companies stated that the development does not affect their shareholders, employees, or any other stakeholders. Reliance Infra, Reliance Power Distance From RComm The companies said they are separate and independent listed entities with no business or financial linkage to Reliance Communications. Further, Anil D. Ambani is not on the Board of Reliance Infrastructure and Reliance Power. Accordingly, any action taken in relation to Reliance Communications has no bearing or impact on the governance, management, or operations, RInfra and RPower said. SBI Tag RComm Account As 'fraud' Public lender State Bank of India has decided to classify the loan account of beleaguered telecom firm Reliance Communications as 'fraud' and to report the name of its erstwhile director — Anil Ambani to the Reserve Bank of India (RBI), an exchange filing on Wednesday. In the filing, Reliance Communications said that it has received a letter dated June 23, 2025, from the State Bank of India (SBI) to this effect. According to the filing, Reliance Communications and its subsidiaries received a total loan of Rs 31,580 crore from banks. The Fraud Identification Committee of the bank has found deviations in utilisation of the loans. The letter marked to Reliance Communications and its erstwhile director Anil Ambani stated that SBI has decided to report the loan account of the company as 'fraud' and to report the name of Anil Ambani to the RBI, as per the extant RBI guidelines, the filing said. (With Inputs From PTI)
Time of India
an hour ago
- Time of India
MR-10 ROB to become 8 lanes for easing traffic ahead of Simhastha 2028
Indore: In a continuous effort to streamline urban traffic, Indore is set to undertake a significant infrastructure upgrade with the expansion of the MR-10 railway over bridge (ROB). This crucial project, estimated at Rs 48 crore, will transform the existing four-lane bridge into an eight-lane structure, with four new lanes extending towards Kumedi. Once completed, the wider ROB is expected to provide substantial relief from traffic congestion for thousands of commuters travelling towards Ujjain, as well as those using the Super Corridor, Ring Road, Vijay Nagar and Metro route. Indore Development Authority (IDA) invited tenders for the construction of the additional four lanes for the MR-10 ROB. Eight agencies expressed interest in the project, and their bids are currently under evaluation. The final agency is expected to be selected within a week, with construction commencing thereafter. This ROB serves as a vital link connecting Indore's rapidly developing Super Corridor and Ujjain Road areas, ensuring seamless traffic flow alongside the Metro line. The expansion is anticipated to significantly alleviate existing traffic bottlenecks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo The project is slated for completion within 18 months using modern construction techniques. "Tenders for the ROB's construction have been received," stated the authority CEO RP Ahirwar. He added that necessary no-objection certificates (NOCs) from the railways and other departments were already secured to prevent any construction delays. The expanded ROB will have a total length of 713.5 metre and a width of 45 metre. Additionally, the culvert on the Vijay Nagar side will also be widened. Currently, over 15,000 vehicles traverse the existing four-lane ROB daily, often leading to queues and congestion. The addition of four new lanes aims to resolve this issue. The MR-10 ROB was originally constructed approximately two decades ago. But, over time, the rapid development of colonies along the Super Corridor and Ujjain Road, coupled with a significant increase in vehicle traffic to Ujjain following the development of Shree Mahakal Lok, rendered the current four-lane bridge inadequate. The expansion is therefore essential to accommodate the increased traffic volume. Senior officials said, the expanded ROB will play a pivotal role during 2028 Simhastha Kumbh Mela in Ujjain. Millions of pilgrims and vehicles are expected to travel through MR-10 to reach Ujjain. The eight-lane bridge will ensure smoother and faster vehicular movement, leading to reduced travel times and fuel savings. This infrastructure enhancement complements other completed projects, such as the flyover at Luvkush square, further bolstering Indore's preparedness for the massive religious gathering.
