We want to thank you and all our creditors for the involved participation we have seen in our application for moratorium (HC/OA 318/2022), and the hearing before the Honourable Justice Aedit Abdullah on 1 August 2022 (the “Hearing”).
More than 75% of our creditors were in favor of our application for moratorium and with your support, we are pleased to inform you that the Court granted the Moratorium Order to be in place till 7 November 2022.
We want to share a few updates from the Court and the Hearing with you.
Who all attended the Hearing?
Our lawyers, Singapore solicitors for some represented creditors and about 70 other unrepresented creditors were in attendance at the Hearing on 1 August 2022.
A number of attendees addressed the Court orally and provided comments by way of messages posted using the chat function of the Zoom webinar. These comments included feedback on our efforts to engage our creditors.
What are the orders and directions of the Court from the Hearing?
The Court made the following orders and directions where the 'Applicant' refers to Defi Payments Pte Ltd, of which you are a creditor:
That the Moratorium shall be in place until 7 November 2022, and any application for extension is to be made beforehand within a reasonable time. If a hearing for the extension application cannot be scheduled before 7 November 2022, the Court is prepared to grant an interim extension until the disposal of the extension application.
That by two weeks from the date of the Order, i.e. 15 August 2022, the Applicant is to (i) respond to creditors who had made specific enquiries during the Hearing (the "Responses to Creditors") and (ii) provide its valuation of significant assets, as well as profitability and cash flow forecast (as required under Section 64(6)(a) and (d) of the IRDA respectively) to the Court.
That by four weeks from the date of the Order, i.e. 29 August 2022, the Applicant is to update the Court on (i) the Responses to Creditors, (ii) whether a withdrawal allowance can be made for creditors, and if so, the proposed plan, and (iii) any proposals for a committee of creditors to be formed.
That by eight weeks from the date of the Order, i.e. 26 September 2022, the Applicant is to provide the Court with its management accounts.
In the event the Applicant acquires or disposes of any property or grants security over any property, the Applicant is to provide the Court with information relating to the acquisition, disposal or grant of security, not later than 14 days after the date of the acquisition, disposal or grant of security.
That the Applicant may write to Court for directions regarding the redaction of any sensitive information in all documents filed in Court.
Are there any further documents filed?
Yes, we have filed the 3rd Affidavit of Darshan Bathija on 2 August 2022, setting out some updates made to the Court.
What about the questions raised by creditors during the hearing?
We thank creditors for their support and feedback provided at the Hearing. We assure you that we took note of the views offered, and look to address the questions raised within the timelines set by the Court.
In addition, the Court has also shared a letter along with the Zoom chat messages with us so we may address the questions and concerns raised during the Hearing by creditors.
As always, thank you for your patience and support. We will stay transparent and keep you informed.