IL&FS Challenges Brookfield's Bid: NCLT to Decide Fate of BKC Property
IL&FS has requested the NCLT to annul Brookfield's Rs 1,080-crore offer for its Bandra Kurla Complex property. The dispute arises over alleged non-compliance with bidding conditions by Brookfield's affiliate, Chronos Properties. IL&FS claims a lapsed performance guarantee entitles them to reject the bid.
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- India
In a significant development, Infrastructure Leasing and Financial Services Ltd (IL&FS) has moved to the National Company Law Tribunal (NCLT) seeking to nullify the Canadian firm Brookfield's bid for the major Bandra Kurla Complex (BKC) asset.
The plea was filed at the NCLT Mumbai bench, citing bidder disqualification due to non-compliance with crucial bidding conditions. IL&FS alleged that the Brookfield affiliate, Chronos Properties, failed to renew a vital Rs 108-crore Performance Guarantee essential until definitive agreements were executed.
This alleged default, IL&FS asserted, permits them to invoke performance guarantees and demand the dismissal of the bid. The company insists on value maximisation, urging a revised offer from Brookfield. IL&FS is resolute in its goal, having already discharged Rs 45,000 crore of debt.
(With inputs from agencies.)
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