Missed ₹2.35 crore payment to SBI because govt delayed rent: Peninsula Land

Mumbai-based Peninsula Land said it couldn't pay ₹2.35 crore to SBI on time because the Income Tax Department and GST Department, which had leased office space from Peninsula, were delaying rent payments. The loan used rent receipts as collateral, a facility where rent goes straight to the bank. The developer said it used its own resources to pay the loan.