IL&FS has filed a plea seeking to reverse the sale of its iconic BKC building to Brookfield, alleging non-compliance with bid conditions. The insolvent financier claims Brookfield’s unit, Chronos, failed to renew a ₹108-crore performance guarantee, rendering the letter of intent invalid. This move comes as commercial property values in BKC have risen, potentially making Brookfield’s initial offer less appealing.
SC allows M3M Group’s plea for substitution of provisionally attached property
A bench of Justices P S Narasimha and R Mahadevan, however, said the substitution of the property would be subject to nine conditions as suggested by ED.