The appeal concerns the extension of time for the liquidation process of GABS Megacorp Ltd. The appellant argues that the time taken in prosecuting the application for extension was not considered. The 'Lenders and Stakeholders Committee' approved the waiver of interest. The appellant sought an extension of time, which remained uncontested as the committee expressed interest in completing the sale of the Corporate Debtor in favor of the Appellant. The period during which the Appellant was seeking a waiver of interest is to be excluded.
GABS Megacorp Ltd. is undergoing a liquidation process. The appellant sought an extension of time for the liquidation process. The 'Lenders and Stakeholders Committee' approved a waiver of interest by 91.59% voting. The appellant had been agitating before the judicial apparatus for a waiver of interest. The minutes recorded on December 8, 2020, indicated that the 90-day period in terms of Regulation 44 had ended on December 3, 2020. The appellant had not deposited any payment by November 30, 2020, and the voting lines had been extended until December 3, 2020. The period sought to be excluded is in terms of Regulation 47A. The liquidation order was issued on July 26, 2019, and the completion of the liquidation process as per Regulation 44 was on October 24, 2020. The
…Sign in to view the parties.
Liquidation Or…
Completion of…
Sign in to view related legal provisions.
The appeal concerns the extension of time for the liquidation process of GABS Megacorp Ltd. The appellant argues that the time taken in prosecuting the application for extension was not considered. The 'Lenders and Stakeholders Committee' approved the waiver of interest. The appellant sought an extension of time, which remained uncontested as the committee expressed interest in completing the sale of the Corporate Debtor in favor of the Appellant. The period during which the Appellant was seeking a waiver of interest is to be excluded.
GABS Megacorp Ltd. is undergoing a liquidation process. The appellant sought an extension of time for the liquidation process. The 'Lenders and Stakeholders Committee' approved a waiver of interest by 91.59% voting. The appellant had been agitating before the judicial apparatus for a waiver of interest. The minutes recorded on December 8, 2020, indicated that the 90-day period in terms of Regulation 44 had ended on December 3, 2020. The appellant had not deposited any payment by November 30, 2020, and the voting lines had been extended until December 3, 2020. The period sought to be excluded is in terms of Regulation 47A. The liquidation order was issued on July 26, 2019, and the completion of the liquidation process as per Regulation 44 was on October 24, 2020. The
…Liquidation Or…
Completion of…
Sign in to view related legal provisions.