+
Debenture holders file case against real estate firm Peninsula Land
Real Estate

Debenture holders file case against real estate firm Peninsula Land

Debtors have filed an insolvency petition against Peninsula Land with the National Firm Law Tribunal (NCLT) to rely on corporate guarantees offered by the Ashok Piramal company worth Rs 1.17 billion.

The trustee of the debentures and the collateral documents securing the debt instruments, Vistra ITCL, is acting on behalf of the debenture holders.

To house its real estate projects, Peninsula Land had established nearly two dozen special purpose entities (SPV). To ring-fence their liabilities and prevent the group as a whole from being harmed by the default of one project, developers frequently park projects in such distinct SPVs.

The corporate guarantee was given for the debentures that one of these SPVs issued. The holders of the debentures contend that in July 2021, the SPV missed payments due on the debentures. The NCLT rejected the debenture holders' argument.

Also read:
L&T wins contracts for buildings and factories biz
Maharashtra to focus on e-registration of first-sale properties


Debtors have filed an insolvency petition against Peninsula Land with the National Firm Law Tribunal (NCLT) to rely on corporate guarantees offered by the Ashok Piramal company worth Rs 1.17 billion. The trustee of the debentures and the collateral documents securing the debt instruments, Vistra ITCL, is acting on behalf of the debenture holders. To house its real estate projects, Peninsula Land had established nearly two dozen special purpose entities (SPV). To ring-fence their liabilities and prevent the group as a whole from being harmed by the default of one project, developers frequently park projects in such distinct SPVs. The corporate guarantee was given for the debentures that one of these SPVs issued. The holders of the debentures contend that in July 2021, the SPV missed payments due on the debentures. The NCLT rejected the debenture holders' argument. Also read: L&T wins contracts for buildings and factories biz Maharashtra to focus on e-registration of first-sale properties

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?