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debenture holder has withdrawn the bankruptcy case filed against Ashok Piramal Group company peninsula land According to people having knowledge of the matter, after the agreement was reached between the two sides.
ET had reported on September 29 that the debenture holders of the company’s step down subsidiary peninsula land The company had claimed that the company had defaulted on dues of ₹118 crore. He claimed that the holding company Peninsula Land had guaranteed the debentures issued by the step down subsidiary. ICICI Prudential Real Estate AIF debenture holder. There are no debenture holders from the general public.
The terms of the settlement are undisclosed but the withdrawal of the bankruptcy petition is conditional upon Peninsula Land meeting certain payment milestones. peninsula land and ICICI Prudential did not respond to queries till press time.
Peninsula Land is known for building office parks in Mumbai’s upscale Lower Parel. The company also has a joint venture with Canada brookfield For the development of real estate. The Piramal family and Jaydev Modi are co-promoters of Peninsula Land. Modi is the husband of Zia Modi, one of the founders of the law firm AZB & Partners.
The holding company has also settled a debt of Rs 85 crore with one of its lenders as on January 31, according to a stock exchange disclosure on February 13. The disclosure also said that the group has debt service obligations of Rs 393 crore over the next 12 years. months. The company also said that the total external debt has been reduced from Rs 1,761 crore as on March 31, 2020 to Rs 590 crore as on December 31, 2022.
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