Judicial Management Order Granted for Crosscorn Proprietary Limited

STAFF WRITER | Tuesday December 10, 2024 08:58

 

IN THE HIGH COURT OF BOTSWANA HELD AT LOBATSE

UAHGB-000110-24

In the matter between:

CROSSCORN PROPRIETY LIMITED APPLICANT/PETITIONER

And

MHMK CAPITAL BOTSWANA LIMITED INTERVENING PARTY

Vs

SCIPION ACTIVE TRADING FUND THIRD PARTY (INTERVENING)

In re:

In the Ex Parte Petition of:

CROSSCORN PROPRIETARY LIMITED PETITIONER

(For placement under voluntary judicial management

and the appointment of a Judicial Manager)

ORDER

Before the Honourable Dr Justice 0. Maphakwane at Lobatse on this 11th day of October 2024.

UPON HEARING: Attorney Tafirenyika E T for the Applicant/Petitioner and Attorney Moseki L M for the Third Party (Intervening) and having read the documents filed of record.

IT IS ORDERED THAT:

1. In the result Scipion Active Trading Fund’s counter application for winding up of the Petitioner is hereby refused and the following Order is hereby issued:

1.1 Intervening Party’s application for the winding up of the Petitioner in terms of Section 368 of the Companies Act is hereby dismissed with costs, including the costs of two Counsels.

2. The Provisional Judicial Management Order and Rule Nisi of 3rd June 2024 is hereby finally confirmed as follows:

2.1 That while this Order remains in force, the Petitioner shall be under the direction and management of the Judicial Manager, preferably KALYANARAMAN VIJAY, and that the said Judicial Manager shall himself be subject to the supervision of the Master of the High Court;

2.2 That as at the date of the granting of the Order, any other person(s) vested with the management of Petitioner affairs shall be divested thereof, and that the affairs of the Petitioner shall forthwith be managed by the judicial Manager appointed in terms of this Order;

2.3 That the Judicial Manager shall discharge the duties prescribed by Section 472 as read with Section 474 of the Companies Act;

2.4 That the Judicial Manager shall be empowered without the authority of the shareholders but subject to the authority of the creditors and the Master, to borrow money with or without security on behalf of the Petitioner of the purpose of paying essential running expenditures in and about the business of the Petitioner including salaries, wages and utilities for the business required by the Petitioner/Petitioner and to pledge the credit of the Petitioner/ Petitioner for any goods or services required;

2.5 That the Judicial Manager be empowered and authorised to take control of the Petitioners bank accounts, namely the Absa Collection Account and the business account under First Capital Bank;

2.6 That while the Petitioner is under voluntary judicial management all actions, proceedings, the execution of all writs, summons and other processes against the Petitioner be stayed and be not proceeded without leave of this Court being obtained;

2.7 That the rate of remuneration of the Judicial Manager be fixed by the Master in accordance with the services rendered and the disbursements incurred, or should the Master so request, the said rate of remuneration be fixed by the Court after the Master has reported thereon;

That a copy of this Order be published forthwith twice in the Government Gazette and one newspaper circulating locally as service upon the Creditors of the Petitioner;

That the service of this Order be effected upon the Petitioner at its registered office.

Costs of this Petition are costs in the Judicial Management.

ORDER OF THE COURT

REGISTRAR & MASTER