NCLAT dismisses HDFC's appeal against sale of IL&FS BKC property

03 Mar 2023 CW Team

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea of HDFC to stay the sale of IL&FS headquarters in Mumbai's Bandra Kurla Complex (BKC) to Brookfield Asset Management. A two-member bench of the NCLAT said the sale of the property is as per the revised resolution framework approved by the appellate tribunal in March 2020 and it cannot operate as any fetter to proceed with the approval of the proposal.

Housing Development Finance Corporation Ltd had made an offer to sanction a loan of Rs 4 billion to IL&FS as a lease rental discounting transaction.

The repayment of the said facility was to be from the cash flows generated from the use of the TIFC property being let out by Infrastructure Leasing & Financial Services Ltd whose cash flows were assigned in favour of HDFC.

Yet as part of its strategy to cut debt, the newly in charge of the indebted IL&FS chose to sell the property.

On September 23, 2022, it also received approval from the adjudicating body in accordance with the established method.

HDFC contested this, claiming that the order was issued on September 23, 2022, in contravention of the rules of natural justice, by the adjudicating authority.

"... we, thus, are of the view that no grounds have been made out to interfere with the order passed by the adjudicating authority dated September 23, 2022," the NCLAT said.

"No relief can also be granted in... as on date, the same stands rejected," the NCLAT bench comprising Chairperson Justice Ashok Bhushan and Alok Srivastava said.

Infrastructure Transport

06 Feb 2026

Second Mountain Tunnel Breakthrough in Palghar Advances High Speed Rail

The Mumbai-Ahmedabad high speed rail (MAHSR) project reached a milestone with the breakthrough of a mountain tunnel in Palghar, Maharashtra. Mountain tunnel MT-six measures 454 metres long and 14.4 metres wide and will accommodate up and down tracks. The breakthrough follows MT-five near Saphale on second January 2026 and the MT-six excavation was completed from both ends using the New Austrian Tunnelling Method. The ministry reported that the tunnelling was completed within 12 months. The New Austrian Tunnelling Method is favoured for its flexibility in complex geology and irregular tunnel s..

Modi Government Pushes Atmanirbhar Container Drive With BCSL MoU

The Union Government advanced a plan to create an integrated, domestically anchored container ecosystem with the signing of a Memorandum of Understanding to establish the Bharat Container Shipping Line (BCSL). The MoU was signed by key agencies including the Shipping Corporation of India and Container Corporation of India alongside major port authorities and Sagarmala Finance Corporation Limited under the Ministry of Ports, Shipping and Waterways, in the presence of senior ministers. The initiative aligns with the Container Manufacturing Assistance Scheme announced in the Union Budget 2026–2..

Ministry Reports Gains In Mobility For Marginalised Communities

The Ministry of Social Justice and Empowerment is implementing skill development, education and rehabilitation schemes to promote socio-economic mobility and sustainable livelihoods for marginalised and disadvantaged communities across the country. Programmes target Scheduled Castes, Other Backward Classes, Economically Weaker Sections, De-notified Tribes and Safai Karamcharis through specialised implementing corporations and empanelled training institutes. Pradhan Mantri Dakshata Aur Kushalta Sampann Hitgrahi Yojana, or PM-DAKSH, provided skill training and placement support through the Nati..