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NCLAT rejects HDFC’s plea to stay sale of IL&FS headquarters to Brookfield
The National Company Law Appellate Tribunal (NCLAT) has rejected a petition by the HDFC Ltd seeking to stop the sale of IL&FS headquarters in Mumbai’s Bandra Kurla Complex (BKC) to Brookfield Asset Management. HDFC had made an offer to sanction a loan of ₹400 crore to IL&FS as a lease rental discounting transaction. However, soon after IL&FS was put under a new management after fraudulent transactions came to light. The property was put up for sale as part of the new management’s efforts to recover money to pay off dues. Hence, it cannot be said to be any case of violation of principles of natural justice. Upholding IL&FS case, the NCLAT said “Present is not a case where it can be said that any principles of natural justice have been violated since the Appellant (HDFC) has raised its objection in the meeting of the Creditors Committee and also voted against the resolution.” Source -https://www.thehindubusinessline.com/money-and-banking/nclat-rejects-hdfcs-plea-to-stay-sale-of-ilfs-headquarters-to-brookfield/article66570507.ece
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