IL&FS has filed a plea before the Mumbai NCLT seeking to disqualify Brookfield’s unit, Chronos, from acquiring its iconic IL&FS Finance Centre in BKC, alleging non-compliance with bid conditions.

IL&FS claims Chronos failed to renew a ₹106-crore performance guarantee, a key requirement outlined in the 2022 bidding documents and letter of intent (LoI). The guarantee lapsed in April 2025, which IL&FS argues invalidates the bid and the LoI. The move comes amid rising commercial property values in BKC, which have made Brookfield’s earlier offer less attractive. IL&FS has urged the tribunal to scrap the LoI and declare Chronos' application infructuous, citing this breach of conditions. The IL&FS Centre, once home to prominent institutions like HDFC, is a landmark property in Mumbai’s financial district. Brookfield, a global investment giant, faces challenges as IL&FS seeks to reverse the transaction, reopening the future of the prized commercial asset.