The National Company Law Tribunal (NCLT) has ruled in favor of Piramal Capital & Housing Finance in a legal dispute over a prime 5.4-acre land in Santacruz, Mumbai. This land is part of the Avenue 54 project, developed by Radius Estate Projects.
The dispute involved Piramal Capital, J.C. Flowers Asset Reconstruction, and other creditors. Piramal Capital had given a large loan to Radius Estate Projects, and J.C. Flowers argued that Piramal’s claims on the project were not valid because the required approvals were not obtained.
However, the NCLT decided that Piramal’s claims were legitimate, making them a significant financial creditor for the Avenue 54 project. This ruling clarifies the financial responsibilities and prioritizes Piramal’s rights over the project’s assets.
This decision is important for all involved parties, especially Piramal Capital, as it secures their financial interests and strengthens their position as a key creditor in the project.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
