IL&FS seeks to disqualify Brookfield Co from buying its finance centre

Mumbai: Brookfield, one of the world’s largest alternative investment firms, and the iconic IL&FS building that marked BKC’s emergence as Mumbai’s new-age money hub, are in the news again after the insolvent financier that had sold the property to a Brookfield-backed unit sought a reversal in its latest court plea, citing non-compliance of the global asset manager with bid conditions and lapsed bid security.

Increases in commercial asset prices in BKC make Brookfield’s earlier offer for the IL&FS Centre, once home also to the erstwhile HDFC, seem unattractive, said some financing industry sources aware of IL&FS’ latest plea before the Mumbai NCLT.

IL&FS said a petition before a bankruptcy court that Chronos, the Brookfield firm, violated key terms of the sale by failing to renew a ₹108-crore performance guarantee that expired in April 2025, an obligation it says was laid out in letter of intent and original bidding documents issued in 2022. “CPPL has decided not to renew performance guarantee after April 2025, rendering LoI, including bid, invalid,” IL&FS said in the filing. The company has asked the tribunal to scrap LoI and declare Chronos’ application infructuous.