Chronos Properties has renewed a ₹148 crore bank guarantee to remain in the running for the IL&FS Financial Centre at Bandra Kurla Complex (BKC), Mumbai. This update comes through filings with the National Company Law Appellate Tribunal (NCLAT).
In an affidavit submitted to the Mumbai bench of the National Company Law Tribunal (NCLT), Chronos confirmed that it deposited three demand drafts totaling ₹148 crore with the tribunal registrar on December 19, 2025. This step complied with a directive from NCLAT issued earlier that month.
The tribunal had instructed Chronos to renew the bank guarantee within 30 days to avoid disqualification from the bidding process. Failing to do so could have removed the company from contention.
NCLAT also issued an interim order preventing IL&FS from granting third-party rights over the property until the final hearing. The next hearing is scheduled for February 2, 2026.
Chronos initially submitted a bid of ₹1,080 crore for the IL&FS Financial Centre, which was approved through IL&FS’ internal resolution process. IL&FS later revised the transaction value to ₹1,481 crore, citing updated property valuations and contractual provisions in the Letter of Intent. The renewed bank guarantee reflects this updated valuation.
Chronos challenged the revised consideration before the NCLT. The tribunal confirmed IL&FS’ contractual powers but emphasized that renewing the bank guarantee was essential to remain eligible. Chronos was required to submit a fresh guarantee of 10% of the bid value to comply with the rules.
This development highlights the careful legal and procedural steps involved in acquiring one of Mumbai’s prime commercial properties. It also underscores the strict compliance measures that bidders must follow in high-value real estate transactions.
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