RCL Foods, SASA launch court bid to defer Tongaat business rescue plan vote
JSE-listed food manufacturer RCL Foods and sugar industry organisation the South African Sugar Association (SASA) on December 5 launched urgent applications at the Durban High Court to prevent the planned meeting of creditors of troubled agriculture and sugarcane company Tongaat Hulett on December 8.
This was revealed by Tongaat's business rescue practitioners (BRPs) in a notice to affected parties.
RCL Foods made the application after its attorneys, on December 1, requested that the BRPs withdraw the current two plans to amend them in accordance with the judgment delivered by Durban High Court judge Rashid Vahed on December 4, and, consequently, to defer the vote. The BRPs' attorneys refused the undertaking on the same day, read the court application.
The relief RCL Foods sought in postponing the Tongaat meeting of creditors would be heard on December 7, while its application to have the two proposed business rescue plans declared unlawful by the court and set aside will be set down on a future date to be allocated by the Registrar of the Court.
SASA similarly sought to have the BRPs interdicted and restrained from proceeding with the meeting of creditors, and to have the proposed business rescue plans published by the BRPs on November 29 declared unlawful. It is also seeking to have the matter heard on December 7, said Tongaat's BRPs.
In the November 29 judgment by Judge Vahed, delivered on December 4, the BRPs' application to suspend the miller’s payment obligations arising out of the Sugar Industry Agreement was dismissed with costs.
Comments
Research Reports
Projects
Latest News
Showroom
Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
