The case involves a Company Petition (IB) 513 of 2022 filed by IDBI Trusteeship Services Limited, acting as the Debenture Trustee for IIFL Finance Limited, against Shipra Estate Limited, the Corporate Debtor. The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Shipra Estate Limited, which acted as a corporate guarantor for a debt availed by Just About Movies Private Limited (JAMPL) from IIFL Finance Limited. JAMPL defaulted on its repayment obligations, leading to the invocation of the corporate guarantee by IDBI Trusteeship Services Limited on behalf of IIFL. The Corporate Debtor opposed the petition, raising objections regarding the maintainability of the application and compliance with regulatory requirements.
IDBI Trusteeship Services Limited, acting as a Debenture Trustee of IIFL Finance Limited, filed a Company Petition (IB) 513 of 2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shipra Estate Limited. Shipra Estate Limited acted as a corporate guarantor for a debt availed by Just About Movies Private Limited (JAMPL) from IIFL Finance Limited. The debt amount was INR 229,13,00,000/-, disbursed in tranches, with the first disbursement on 30.03.2019 and the last on 12.05.2021. JAMPL defaulted in repayment since 01.07.2021. IDBI Trusteeship Services Limited issued a notice invoking the corporate guarantee on 02.08.2021. Shipra Estate Limited, through its director and promoter, Mr.
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The case involves a Company Petition (IB) 513 of 2022 filed by IDBI Trusteeship Services Limited, acting as the Debenture Trustee for IIFL Finance Limited, against Shipra Estate Limited, the Corporate Debtor. The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Shipra Estate Limited, which acted as a corporate guarantor for a debt availed by Just About Movies Private Limited (JAMPL) from IIFL Finance Limited. JAMPL defaulted on its repayment obligations, leading to the invocation of the corporate guarantee by IDBI Trusteeship Services Limited on behalf of IIFL. The Corporate Debtor opposed the petition, raising objections regarding the maintainability of the application and compliance with regulatory requirements.
IDBI Trusteeship Services Limited, acting as a Debenture Trustee of IIFL Finance Limited, filed a Company Petition (IB) 513 of 2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shipra Estate Limited. Shipra Estate Limited acted as a corporate guarantor for a debt availed by Just About Movies Private Limited (JAMPL) from IIFL Finance Limited. The debt amount was INR 229,13,00,000/-, disbursed in tranches, with the first disbursement on 30.03.2019 and the last on 12.05.2021. JAMPL defaulted in repayment since 01.07.2021. IDBI Trusteeship Services Limited issued a notice invoking the corporate guarantee on 02.08.2021. Shipra Estate Limited, through its director and promoter, Mr.
…The first disbursement…
The last disbursement…