This fintech firm bailed out post-production house of ‘83’, ‘Ae Dil Hai Mushkil’
Poet Lovers has provided post-production sound-mixing services for some well-known Bollywood movies like ‘83’, ‘Ae Dil Hai Mushkil’, ‘Naam Shabana’, ‘Raabta’ and ‘Newton’, among many others.
- Mar 11, 2022,
- Updated Mar 11, 2022 4:00 PM IST
LegalPay, a start-up that provides legal and debt financing solutions to businesses, has provided interim finance of an undisclosed amount to a post-production house, Poets Lovers and Lunatics Motion Pictures Private Limited (Poet Lovers) which is currently undergoing the Corporate Insolvency Resolution Process (CIRP).
Poet Lovers has provided post-production sound-mixing services for some well-known Bollywood movies like '83', 'Ae Dil Hai Mushkil', 'Naam Shabana', 'Raabta' and 'Newton', among many others.
Incidentally, to revive and maintain such production houses which are typically valued around Rs 20 crore, the interim finance requirement ranges between Rs 50 lakh to Rs 3 crore. Such funds are utilised for their day-to-day operating needs during the CIRP.
Interim finance is super-secure lending for a short period of 6-12 months and the Resolution Professionals utilise such funds to pay out the operational costs and/or immediate needs of businesses undergoing CIRP, such as payments to professionals, workers, security personnel, etc.
The main objective of interim finance is to keep the companies, undergoing CIRP, as a going concern. It is super secured and such security is statutorily guaranteed under the Insolvency and Bankruptcy Code, 2016 (IBC, 2016).
LegalPay, meanwhile, targets companies undergoing insolvencies, wherein the requirement of interim finance ranges from a mere Rs 5 lakh to as much as Rs 10 crore.
According to Kundan Shahi, CEO, LegalPay, there are many businesses that are in need of interim finance - a need escalated further by the pandemic - and the start-up is looking forward to working with many more businesses which are in need of such financing to keep them afloat under the period of insolvency.
Recently, the venture had provided interim finance to Bengaluru-based Yashomati Hospitals.
"LegalPay has made an unprecedented move in servicing a niche interim finance market. They have been truly instrumental in pacing the insolvency resolution process. I believe that they present a tremendous industry-wide opportunity for both, the resolution professionals and the distressed companies," said Rekha Shah, Resolution Professional, Poet Lovers.
LegalPay, a start-up that provides legal and debt financing solutions to businesses, has provided interim finance of an undisclosed amount to a post-production house, Poets Lovers and Lunatics Motion Pictures Private Limited (Poet Lovers) which is currently undergoing the Corporate Insolvency Resolution Process (CIRP).
Poet Lovers has provided post-production sound-mixing services for some well-known Bollywood movies like '83', 'Ae Dil Hai Mushkil', 'Naam Shabana', 'Raabta' and 'Newton', among many others.
Incidentally, to revive and maintain such production houses which are typically valued around Rs 20 crore, the interim finance requirement ranges between Rs 50 lakh to Rs 3 crore. Such funds are utilised for their day-to-day operating needs during the CIRP.
Interim finance is super-secure lending for a short period of 6-12 months and the Resolution Professionals utilise such funds to pay out the operational costs and/or immediate needs of businesses undergoing CIRP, such as payments to professionals, workers, security personnel, etc.
The main objective of interim finance is to keep the companies, undergoing CIRP, as a going concern. It is super secured and such security is statutorily guaranteed under the Insolvency and Bankruptcy Code, 2016 (IBC, 2016).
LegalPay, meanwhile, targets companies undergoing insolvencies, wherein the requirement of interim finance ranges from a mere Rs 5 lakh to as much as Rs 10 crore.
According to Kundan Shahi, CEO, LegalPay, there are many businesses that are in need of interim finance - a need escalated further by the pandemic - and the start-up is looking forward to working with many more businesses which are in need of such financing to keep them afloat under the period of insolvency.
Recently, the venture had provided interim finance to Bengaluru-based Yashomati Hospitals.
"LegalPay has made an unprecedented move in servicing a niche interim finance market. They have been truly instrumental in pacing the insolvency resolution process. I believe that they present a tremendous industry-wide opportunity for both, the resolution professionals and the distressed companies," said Rekha Shah, Resolution Professional, Poet Lovers.