# In the matter of JUST ABOUT MOVIES PRIVATE LIMITED

> NCLT judgment dated 2025-11-25. Citation: TCN-2025-NCLT-01693. Assets Care & Reconstruction Enterprise Limited (ACRE), acting as trustee of Acre - 110 -…

- **Court:** NCLT
- **Order date:** 25 Nov 2025
- **Citation:** TCN-2025-NCLT-01693
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/just-about-movies-private-limited-90967634

## Summary

### Background

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/-.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Applicant has established the existence of debt and default as required under Section 7 …

**Ratio:** Section 7 of the IBC requires the Financial Creditor to prove the existence of debt and

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**Reasoning:** The Adjudicating Authority examined the documents, including the Term Sheet, Debenture

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**Interpretation:** The Adjudicating Authority interpreted the documents and admissions to

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**Application:** The Adjudicating Authority applied the provisions of Section 7 of the IBC and

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Appellants:** Assets Care and…; Assets Care &…
- **Respondents:** Just About Movies…
- **Other parties:** Deepak…; Amit W…; +3 more
- **Advocates:** Sumesh D…; Abhirup Das…; +7 more

## Timeline

- **2019-03-25 — Term Sheet Ex…**: A Term Sheet was executed between Just About Movies Private Limited and IIFL Finance…
- **2019-03-27 — Debenture Trust Deed…**: A Debenture Trust Deed was executed between the Corporate Debtor and IDBI Trusteeship…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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