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NCLAT Orders Bank Guarantee Renewal for IL&FS Property
13 Dec, 2025
Summary
- NCLAT directs Brookfield-backed Chronos to renew bank guarantee for IL&FS property.
- IL&FS headquarters protected from third-party rights pending appeal.
- IL&FS seeks higher price; NCLAT upholds renewal requirement for Chronos.
The National Company Law Appellate Tribunal (NCLAT) has issued an interim order requiring Brookfield-backed Chronos Properties to renew the bank guarantee for its bid to acquire IL&FS's prime Bandra Kurla Complex property. This directive aims to prevent Chronos's disqualification from the acquisition process, emphasizing the importance of fulfilling contractual obligations.
The NCLAT has also placed a temporary injunction on the IL&FS group, forbidding the creation of any third-party rights on its headquarters. This measure ensures the asset remains available for resolution until the ongoing appeal is definitively settled, safeguarding the interests of all parties involved.
