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NATIONAL COMPANY LAW TRIBUNAL
Shri Prabhat Kumar, Hon’ble Member (Technical), Shri Sushil Mahadeorao Kochey, Hon’ble Member (Judicial)
Chronos Properties Private Limited – Appellant
Versus
Infrastructure Leasing & Financial Services Limited – Respondent
| Table of Content |
|---|
| 1. chronos properties seeks directions under the loi. (Para 1 , 2 , 3) |
| 2. loi is concluded contract; its essence preserved despite conditions. (Para 4 , 10 , 28) |
| 3. arguments regarding the enforceability of the loi. (Para 6 , 12 , 30) |
| 4. court emphasizes the binding nature of the loi. (Para 8 , 18 , 20) |
| 5. final order affirming the loi as binding and dismissing the disqualification. (Para 49) |
ORDER
CA 262/2024 in CP No. 3638/(MB)/2018
1) A Company Application 262 of 2024, is filed on 06.08.2024, by the Chronos Properties Private Limited (‘Chronos’), who is Successful Bidder for IL&FS Financial Centre at Bandra Kurla Complex, Mumbai and holding a Letter of Intent dt. 21.03.2022 (‘LoI’) issued by IL&FS in this relation. Chronos is seeking certain directions to IL&FS for execution of a Definitive Agreement and consummation of the Transaction pursuant to said LoI.
2) Chronos has sought directions to the Respondents, viz. IL&FS and another to take all the steps necessary to execute, sign and register the Definitive Agreement before the relevant Authorities and take steps necessary to ensure the consummation of the Proposed Transaction as contemplated in the LoI and for quashin
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