Key Points
NEW DELHI: The sale of The IL&FS Financial Centre (TIFC) in Mumbais Bandra-Kurla Complex has hit a hurdle after IL&FS undertook a fresh valuation which estimated that the value of its headquarters had gone up 57% to Rs 1700 crore, compared to the highest bid of Rs 1,080 crore in 2021, and asked Brookfield-affiliate..
Chronos, which was the winning bidder, has challenged the move in National Company Law Tribunal, which has restrained IL&FS from creating any third-party interest in TIFC or insisting that the revised valuation be accepted or rejected by the buyer...
The new IL&FS board decided to initiate fresh valuation of its HQ (TIFC), after considerable time had elapsed since it received the highest bid to sell TIFC in 2021..
The move can also have implications for other property transactions of IL&FS, which are in the pipeline as real estate prices have shot up in recent years, especially in areas such as BKC where metro connectivity is boosting valuations...
