PATRICK BANCE Vs. TAKE SOLUTIONS LIMITED

JUDGEMENT

(1.) The two suits and the connected interlocutory applications involve a cross border Corporate dispute between an Interim Judicial Manager appointed by the Singapore High Court under the Singapore Insolvency Restructuring and Dissolution Act, 2018 for a Holding Company by name Take Solutions Singapore Pte Limited, Singapore and its Subsidiary Company by name Take Solutions Limited, Chennai incorporated in India.

(2.) Take Solutions Singapore Pte Limited, henceforth will be referred to as the 'Holding Company at Singapore', Take Solutions Limited, Chennai the Subsidiary Company incorporated in India will be referred to as the 'Indian Subsidiary Company' and the Interim Judicial Manager appointed by the Singapore High Court for the 'Holding Company at Singapore' will be referred to as 'IJM'. The Singapore Insolvency Restructuring and Dissolution Act, 2018 shall henceforth be referred to as the 'Singapore Insolvency Law'.

(3.) The parties to the dispute do not dispute the fact that the 'Holding Company at Singapore' holds 52.897% paid-up Share Capital in the 'Indian Subsidiary Company'. Due to default committed by the 'Holding Company at Singapore' to its lenders and at the behest of Madison Pacific Trust Limited, Singapore, the first defendant in C.S. No.320 of 2021 who is a 'Debenture Trustee' for certain lenders of the 'Holding Company at Singapore', an 'IJM' namely Mr.Patrick Bance, the Plaintiff in C.S. No.322 of 2021 was appointed by the Singapore High Court on 18/10/2021.