The case involves a Company Petition filed by IDBI Trusteeship Services Limited, acting as a Debenture Trustee for IIFL Finance Limited, against Shipra Estate Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Shipra Estate Limited, which acted as a corporate guarantor for a Debenture Trustee Deed entered into with Just About Movies Private Limited (JAMPL). IIFL disbursed a total of INR 229,13,00,000 to JAMPL. JAMPL defaulted on repayments starting July 1, 2021, leading to the invocation of the corporate guarantee by IIFL. Shipra Estate Limited failed to discharge its payment obligations, resulting in the application for CIRP.
IIFL Finance Limited disbursed INR 229,13,00,000 to Just About Movies Private Limited (JAMPL) through a Debenture Trustee Deed. Shipra Estate Limited acted as the corporate guarantor for JAMPL. JAMPL defaulted on its repayment obligations starting 01.07.2021. A loan recall notice was issued to JAMPL, Shipra Estate Limited, and Mr. Mohit Singh (personal guarantor). A notice specifically invoking the corporate guarantee was issued to Shipra Estate Limited on 02.08.2021. Shipra Estate Limited failed to discharge its payment obligations within one day of receiving the invocation notice, resulting in a default on 02.08.2021. Shipra Estate Limited, through its director Mr. Mohit Singh, assured IIFL on 14.10.2021 that it would discharge its payment obligations. JAMPL failed
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The case involves a Company Petition filed by IDBI Trusteeship Services Limited, acting as a Debenture Trustee for IIFL Finance Limited, against Shipra Estate Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Shipra Estate Limited, which acted as a corporate guarantor for a Debenture Trustee Deed entered into with Just About Movies Private Limited (JAMPL). IIFL disbursed a total of INR 229,13,00,000 to JAMPL. JAMPL defaulted on repayments starting July 1, 2021, leading to the invocation of the corporate guarantee by IIFL. Shipra Estate Limited failed to discharge its payment obligations, resulting in the application for CIRP.
IIFL Finance Limited disbursed INR 229,13,00,000 to Just About Movies Private Limited (JAMPL) through a Debenture Trustee Deed. Shipra Estate Limited acted as the corporate guarantor for JAMPL. JAMPL defaulted on its repayment obligations starting 01.07.2021. A loan recall notice was issued to JAMPL, Shipra Estate Limited, and Mr. Mohit Singh (personal guarantor). A notice specifically invoking the corporate guarantee was issued to Shipra Estate Limited on 02.08.2021. Shipra Estate Limited failed to discharge its payment obligations within one day of receiving the invocation notice, resulting in a default on 02.08.2021. Shipra Estate Limited, through its director Mr. Mohit Singh, assured IIFL on 14.10.2021 that it would discharge its payment obligations. JAMPL failed
…The first disbursement…
The last disbursement…