The National Company Law Tribunal has dismissed the Rs 1,080 crore bid by Brookfield-backed Chronos Properties to acquire Infrastructure Leasing and Financial Services Ltd (IL&FS )’s flagship Bandra Kurla Complex property.
The National Company Law Tribunal (NCLT), Mumbai Bench, in its order on November 28, disposed of the application filed by Chronos seeking enforcement of the Rs 1,080 crore bid to acquire the IL&FS Financial Centre at BKC.
The tribunal also upheld IL&FS’s contractual right to revise the transaction consideration.
In its order, the tribunal held that the Letter of Intent (LoI) dated March 21, 2022, constitutes a concluded and binding contract between IL&FS and Chronos.
However, the LoI contains clauses which grant IL&FS a unilateral right to amend, modify or supplement the LoI, including financial terms, under the court-approved resolution framework, the order added.
The tribunal also ruled that the IL&FS letter dated August 16, 2024, which …The National Company Law Tribunal has dismissed the Rs 1,080 crore bid by Brookfield-backed Chronos Properties to acquire Infrastructure Leasing and Financial Services Ltd (IL&FS )’s flagship Bandra Kurla Complex property.
The National Company Law Tribunal (NCLT), Mumbai Bench, in its order on November 28, disposed of the application filed by Chronos seeking enforcement of the Rs 1,080 crore bid to acquire the IL&FS Financial Centre at BKC.
The tribunal also upheld IL&FS’s contractual right to revise the transaction consideration.
In its order, the tribunal held that the Letter of Intent (LoI) dated March 21, 2022, constitutes a concluded and binding contract between IL&FS and Chronos.
However, the LoI contains clauses which grant IL&FS a unilateral right to amend, modify or supplement the LoI, including financial terms, under the court-approved resolution framework, the order added.
The tribunal also ruled that the IL&FS letter dated August 16, 2024, which … Latest News [ SOBAN NEWS: International and National ]
