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NATIONAL COMPANY LAW TRIBUNAL
Shri Prabhat Kumar, Member (Technical), Shri Sushil Mahadeorao Kochey, Member (Judicial)
Chronos Properties Private Limited – Appellant
Versus
Infrastructure Leasing & Financial Services Limited – Respondent
| Table of Content |
|---|
| 1. chronos as successful bidder for il&fs property (Para 1 , 2) |
| 2. chronos seeks directions regarding performance guarantees. (Para 3 , 4 , 5 , 6) |
| 3. il&fs argues for value maximization and unilateral amendment rights. (Para 7 , 19) |
| 4. loi as binding contract with essential terms. (Para 8 , 11 , 12) |
| 5. il&fs's claimed unilateral rights under the loi. (Para 24 , 26 , 33) |
| 6. chronos retains performance guarantee obligations despite amendments. (Para 36 , 48) |
| 7. final decision and directions regarding contract execution. (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 relevan
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