Assets Care & Reconstruction Enterprise Limited (ACRE), acting as trustee of Acre - 110 - Trust, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Just About Movies Private Limited, the Corporate Debtor, for an alleged default of Rs. 250,00,00,000/-.
IIFL Finance Limited sanctioned a loan facility of INR 250,00,00,000/- to Just About Movies Private Limited for acquisition, construction, and development of a project.
A Term Sheet dated 25.03.2019 was executed between the Corporate Debtor and IIFL.
IDBI Trusteeship Services Limited was appointed as the Debenture Trustee to act on behalf of IIFL, and a Debenture Trust Deed dated 27.03.2019 was executed.
The Debenture Trust Deed and Term Sheet provided for an interest rate of 14% per annum, compounded quarterly.
The Corporate Debtor defaulted in payment of an interest installment of INR 59,93,68,537/- due on 01.07.2021.
IIFL assigned all rights, interests, benefits, and guarantees arising in relation to the financial debt to ACRE via an Assignment Agreement dated 28.06.2022.
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A Term Sheet was executed between Just About…
A Debenture Trust Deed was executed between…
Assets Care & Reconstruction Enterprise Limited (ACRE), acting as trustee of Acre - 110 - Trust, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Just About Movies Private Limited, the Corporate Debtor, for an alleged default of Rs. 250,00,00,000/-.
IIFL Finance Limited sanctioned a loan facility of INR 250,00,00,000/- to Just About Movies Private Limited for acquisition, construction, and development of a project.
A Term Sheet dated 25.03.2019 was executed between the Corporate Debtor and IIFL.
IDBI Trusteeship Services Limited was appointed as the Debenture Trustee to act on behalf of IIFL, and a Debenture Trust Deed dated 27.03.2019 was executed.
The Debenture Trust Deed and Term Sheet provided for an interest rate of 14% per annum, compounded quarterly.
The Corporate Debtor defaulted in payment of an interest installment of INR 59,93,68,537/- due on 01.07.2021.
IIFL assigned all rights, interests, benefits, and guarantees arising in relation to the financial debt to ACRE via an Assignment Agreement dated 28.06.2022.
…A Term Sheet was executed between Just About…
A Debenture Trust Deed was executed between…