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.
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