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
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Next Story
Infrastructure Transport

Buying a TBM?

Tunnel-boring machines (TBMs) are increasingly being used in India for metro, rail and other infrastructure projects. Choosing the right TBM is vital to work efficiently, speedily and safely. Here’s a guide on how to make the right choice.Geological compatibilityTBMs are specifically designed and customised to suit the unique geological and geotechnical conditions of the area where tunnelling will take place. So, an extensive and thorough geotechnical investigation is conducted prior to the machine’s design and fabrication. “The tunnelling company accurately compiles soil sampling f..

Next Story
Real Estate

Kitchen Dynamics

Modular kitchen design trends lean towards sustainability, smart technology integration, minimalist aesthetics and multifunctional spaces, says Rajkumar Kumawat, Founder and Principal Architect, Rajkumar Architects.Noticeable designs“A shift towards warm minimalism, where clean lines are balanced with tactile finishes such as fluted wood, brushed metals and muted stone surfaces, is a noticeable trend,” says Harkaran Singh Boparai, Founder and Principal Architect, Harkaran Boparai Studio. “Also, matte lacquers in deep, earthy tones are replacing gloss finishes, bringing a s..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?