# In the matter of Carnival Films Entertainment Private Limited

> NCLT judgment dated 2025-11-27. Citation: TCN-2025-NCLT-01726. J.C. Flowers Asset Reconstruction Pvt. Ltd., acting as trustee for JCF YES Trust 2022-23/5,…

- **Court:** NCLT
- **Order date:** 27 Nov 2025
- **Citation:** TCN-2025-NCLT-01726
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/carnival-films-entertainment-private-limited-0a6ae933

## Summary

### Background

J.C. Flowers Asset Reconstruction Pvt. Ltd., acting as trustee for JCF YES Trust 2022-23/5, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Carnival Films Entertainment Pvt. Ltd. for a default of Rs. 71,00,44,358.66 as on 30.11.2023.

## Facts

J.C. Flowers Asset Reconstruction Pvt. Ltd. filed an application under Section 7 of the IBC seeking initiation of CIRP against Carnival Films Entertainment Pvt. Ltd.

The claimed default amount was Rs. 71,00,44,358.66 as on 30.11.2023.

The date of default was stated as 19.07.2021.

Yes Bank Limited (YBL), the original lender, disbursed a Rupee Term Loan (RTL) of Rs. 50 Crore on 30.09.2016 to the Corporate Debtor.

YBL executed an Assignment Agreement dated 16.12.2022 with the Applicant/FC, assigning its debt along with underlying rights, liability, and securities.

The Corporate Debtor admitted the defaults in repayment of the obligations in respect of RTL Facility and FITL Facility.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Section 7(5)(a) of the Code states that the Adjudicating Authority may admit an

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**Reasoning:** The Adjudicating Authority perused the available records and heard both the Ld. Counsel

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**Interpretation:** The Adjudicating Authority interpreted Section 7(5)(a) to mean that if a

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**Application:** The Adjudicating Authority applied Section 7(5)(a) and found that a default had

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** J.C. Flowers…
- **Respondents:** Carnival Films…
- **Other parties:** Ashok Kumar…
- **Advocates:** Akshay P…; Pratik…

## Timeline

- **19.07.2021 — Date of D…**: The FC stated the Date of…
- **30.09.2016 — Disbursement…**: Yes Bank Limited (YBL) disbursed a Rupee Term Loan (RTL) aggregating Rs. 50 Crore on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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