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

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

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.

See also:
63 Moons' plea: NCLAT issues notice to DHFL, Piramal, and CoC
NCLAT grants extension of 90 days for HDIL insolvency process

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. See also: 63 Moons' plea: NCLAT issues notice to DHFL, Piramal, and CoCNCLAT grants extension of 90 days for HDIL insolvency process

Next Story
Resources

Blum India brings Design Reverie to Hyderabad

Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city’s architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals—away from the typical conference setup. The eveni..

Next Story
Resources

Hafele launches Platinum Studio in Nagpur

Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director – HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele’s wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele’s full portfolio—includi..

Next Story
Resources

Truflo by Hindware wins GPTW honour again

Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India’s fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?