Debenture holders’ plea to NCLT against Peninsula not admitted

As per the newspaper reports, debenture holders have approached NCLT invoking insolvency proceeding against Peninsula Land (PL).

  • Plea is due to default by one of the SPVs of PL on it’s payment obligations towards the debenture holders in July 2021.
  • Debenture holders had invoked corporate guarantees worth Rs 117 crore provided by PL.
  • As per reports, NCLT has not accepted the insolvency plea.

The Piramal Family and Jayadev Mody are the co-promoters of PL. Mody is the spouse of Zia Mody, one of the founders of law firm AZB & Partners and is also the promoter of Delta Corp.

PL is another example how even some of the well known corporates are not immune to mis-management in the real estate sector.

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