Assets Care & Reconstruction Enterprise Limited (ACRE), as the assignee of IIFL Finance Ltd, 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 (JAMPL), the Corporate Debtor, due to a 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.
A Debenture Trust Deed dated 27.03.2019 was executed between the Corporate Debtor and IDBI Trusteeship Services Limited.
The Term Sheet and Debenture Trust Deed 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.
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Term Sheet executed…
Debenture Trust Deed executed between…
Assets Care & Reconstruction Enterprise Limited (ACRE), as the assignee of IIFL Finance Ltd, 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 (JAMPL), the Corporate Debtor, due to a 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.
A Debenture Trust Deed dated 27.03.2019 was executed between the Corporate Debtor and IDBI Trusteeship Services Limited.
The Term Sheet and Debenture Trust Deed 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.
…Term Sheet executed…
Debenture Trust Deed executed between…