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.

Real Estate

10 Nov 2025

Godrej Interio Powers Kerala Metro Projects

Interio by Godrej, a flagship furniture and turnkey solutions brand from the Godrej Enterprises Group, has expanded its presence in Kerala’s infrastructure development landscape by securing and executing projects worth more than ₹90 crore in Kochi. The portfolio includes a Rs 690 million Electrical & Mechanical (E&MVAC) work order from Kochi Metro Rail (KMRL) for Phase 2 of the Kochi Metro, along with the successful completion of a Rs 240 million design-and-build project for Kerala State Information Technology Infrastructure (KSITIL) at Kochi’s Infopark.Speaking on the milestone,..

Gartner Recognises Newgen as Niche Player

Newgen Software, a global provider of AI-enabled end-to-end automation solutions, announced that it has been recognized as a Niche Player in the 2025 Gartner® Magic Quadrant™ for Business Orchestration and Automation Technologies (BOAT). The recognition reflects Newgen’s ability to execute and the completeness of its strategic vision.The Gartner report evaluated 20 global vendors to guide enterprises in selecting the right business process automation platform. According to Gartner, BOAT is a unified software platform that enables enterprise-wide automation through capabilities such as pro..

Commercial Hubs Lead Amid Wider Diversification

India’s top ten office micro-markets continued to dominate absorption in Q3 2025, accounting for 70 per cent of total demand. However, their share has steadily declined from 82 per cent in Q3 2024 and 80 per cent in Q2 2025, reflecting a clear shift toward broader geographical diversification. Overall, these key markets recorded 13.9 million sq ft of absorption in Q3 2025—down 10 per cent year-on-year and 8 per cent sequentially—despite an increase in pan-India absorption.The diversification of demand is supported by improved intra-city connectivity, wider availability of Grade-A and sus..