Peninsula Land Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI LODR'.
PENINLAND · price
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Awaiting price reaction for this filing.
Peninsula Land has disclosed that the NCLT Mumbai Bench has ordered the start of insolvency proceedings (CIRP) against Hem Infrastructure and Property Developers Pvt Ltd (HIPDPL), a joint venture entity in which the company holds investment through a wholly-owned subsidiary. The insolvency petition was filed by JM Financial Credit Solutions, a financial creditor, after HIPDPL's corporate guarantee of about Rs. 266 crore—given for loans taken by M/s Hem-Bhattad AOP—was invoked. The financial creditor has also separately moved against the primary borrower under the SARFAESI Act, attaching its properties. HIPDPL retains the right to appeal the order, while negotiations for a structured settlement are reportedly ongoing.
Peninsula Land says it has already written down (impaired) the value of its investment in HIPDPL in its books, so the direct hit may be limited. However, any further erosion in realisable value could affect future financials. Watch for the company's next update quantifying the impact, and any appeal or settlement outcome.