# In the matter of Just About Movies Private Limited

> NCLT judgment dated 2025-11-25. Citation: TCN-2025-NCLT-01831. Assets Care & Reconstruction Enterprise Limited (ACRE), as the assignee of IIFL Finance Ltd,…

- **Court:** NCLT
- **Order date:** 25 Nov 2025
- **Citation:** TCN-2025-NCLT-01831
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/just-about-movies-private-limited-a916740a

## Summary

### Background

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/-.

## 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.

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.

…

## Issues and analysis

### Issue 1: Whether the Financial Creditor has established the existence of debt and default as required under …

**Ratio:** Yes, the Financial Creditor has

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**Reasoning:** The Adjudicating Authority noted the Term Sheet, Debenture Trust Deed, and the Corporate

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**Interpretation:** The documents and admissions by the Corporate Debtor sufficiently prove the

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

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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…; +4 more
- **Advocates:** Sumesh D…; Abhirup Das…; +7 more

## Timeline

- **2019-03-25 — Term Sheet Ex…**: Term Sheet executed between…
- **2019-03-27 — Debenture Tru…**: Debenture Trust Deed executed between Corporate Debtor and IDBI Trusteeship Services…

## 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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