Photo by bartmaguireIn a recent development the local partner of Mondon Investment Ltd. went bankrupt. Following the event Indian banks initiated a foreclosure proceeding against Fishman Holding’s Indian development arm project.
They were to construct a mall in Ludhiana, Punjab.
The project company ended up in violation of their financial covenants to banks after Mondon’s partner violated their covenants financially.
The loan was not repaid by the end of May through the joint venture as a result of which bank had to open up legal procedures.
Mondon plans to take legal action against its partner on the account of breach of contract for damage to the firm because of the joint venture.
They had bought 121-hectare site for the mall for NIS 26 million two years back.
