Infrastructure Leasing and Financial Services Ltd. is set to seek a fresh valuation for its headquarters in Mumbai's Bandra Kurla Complex (BKC), with expectations of a 25% jump in the property's worth after the National Company Law Tribunal (NCLT) allowed a revision to reflect the sharp surge in real-estate prices in the financial district, ET reported quoting sources.
The landmark IL&FS Financial Centre was last valued at Rs 1,722 crore in early 2024, the report added. With premium office transactions in BKC touching new highs, the company is now likely to commission a new assessment, which could lift the valuation to between Rs 2,000 crore and Rs 2,500 crore, ET reported.
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The NCLT ruling has also directed Brookfield Asset Management — whose subsidiary Chronos is the original bidder for the asset — to renew the performance guarantee submitted as part of its 2022 bid. The guarantee, along with supplementary demand drafts, expired in April 2025, triggering a dispute over the validity of the original Letter of Intent (LoI).
Chronos had bid for the property in 2022, but subsequent valuation reports showed a significant rise in the tower's market value, prompting IL&FS to argue that selling under outdated terms would violate the legal requirement to maximise value for creditors. IL&FS told the tribunal that the lapse of the guarantee automatically disqualified Chronos under the bidding norms and asked that the original bid not be enforced.
Chronos disputed the claim, asking the NCLT either to condone the delay in renewal or to allow it to deposit a fresh guarantee directly with the tribunal. It also argued that IL&FS had never specified a clear timeline for renewal.
The tribunal's order offered a middle path: Chronos is not yet disqualified, but it must submit a new performance guarantee within 30 days or face automatic disqualification. At the same time, NCLT granted IL&FS the right to revise the LoI terms, including the valuation, before proceeding.
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