Re Sembawang Engineers and Constructors Pte Ltd
Jurisdiction | Singapore |
Court | High Court (Singapore) |
Judge | Aedit Abdullah JC |
Judgment Date | 23 September 2015 |
Neutral Citation | [2015] SGHC 250 |
Citation | [2015] SGHC 250 |
Plaintiff Counsel | Patrick Ang, Low Poh Ling and Chew Xiang (Rajah & Tann Singapore LLP) |
Defendant Counsel | Jonathan Tang (Wongpartnership LLP) |
Date | 23 September 2015 |
Subject Matter | Schemes of arrangement,Companies |
Published date | 04 November 2015 |
Hearing Date | 18 September 2015 |
Docket Number | Originating Summons No 859 of 2015 |
I made a number of brief oral remarks when conveying my decision on an application under s 210(1) of the Companies Act (Cap 50, 2006 Rev Ed) (“the Companies Act”) by Sembawang Engineers and Constructors Pte Ltd (“the Company”) for it to be granted liberty to convene a meeting with its creditors, within six months or such other extended period ordered by the court, for the purpose of considering and, if thought fit, approving with or without modification a scheme of arrangement proposed to be made between the Company and its creditors (the “Proposed Scheme”). My remarks are set out below.
While an application of this nature is normally heard
In written submissions, which were well prepared despite the lack of time, Rigel argued that the Company’s Proposed Scheme was lacking in details and that the Proposed Scheme was not likely to be approved by the court given its lack of specificity. It also pointed out that some of the measures in the Proposed Scheme were conditional upon Punj Lloyd Pte Ltd and Punj Lloyd Ltd (the Company’s ultimate India incorporated holding company) carrying out certain actions or securing relevant approvals which were matters that the creditors of the Company had no control over. It was also argued that the application should be refused as the Company was hopelessly insolvent:
In oral...
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