Peninsula Land, an Ashok Piramal Group company, has defaulted on a secured term loan from State bank of India (SBI). Peninsula Land defaulted on November 30, 2019, on a principal amount of Rs 88 lakh and interest of Rs 1.47 crore, This translates to a default of Rs 2.35 crore to SBI. The particular disclosure was made on January 01, 2020.
Struggling Peninsula Land, a unit of Ashok Piramal Group, defaulted in the payment of Rs 2.35 crore on a secured term loan worth Rs 177. 72 crore from State Bank of India.
The real estate developer defaulted on the principal amount of Rs 88 lakh and interest of Rs 1.47 crore on November 30, 2019, it said in an exchange filing on Wednesday. It has taken loans worth Rs 177.72 crore from SBI for a tenure of 11 years and 9 months at an interest rate of 9.95 percent a year, it said.
The company, which says it has delivered more than 6.4 million sq ft of real estate and has around 18.6 million under development in Mumbai, Bengaluru, Pune, Goa, Nashik, and Lonavala, has outstanding borrowings of Rs 999.74 crore from banks and financial institutions.