IFEC to Appeal the Court after an Issue of Temporary Receivership Order on the Company

Inter Far East Energy Corporation Public Company Limited (IFEC) announced that The Central Bankruptcy Court has issued an order in the business rehabilitation case in Black Case No. Phor.14/2561 and Red Case No. Phor.25/2561 on 15 February 2021 that the Central Bankruptcy Court dismissed the petition and the company disagrees with that order, intends to exercise the right to appeal the said order to The Court of Appeal for Specialized Cases.

 

IFEC stated that the company was filed in bankruptcy of the Central Bankruptcy Court in Black Case No. Lor. 3237/2562, which was the Red Case No. Lor. 5350/2562, that the Central Bankruptcy Court has temporarily disposed of the case, in the said case has had one creditor which has a principal debt of 3,000,000 Baht and interest separately has entered into a joint plaintiff in the above bankruptcy case, it appears that the creditor who is the co-plaintiff filed an emergency petition requesting the Central Bankruptcy Court to issue a temporary receivership order under Section 17 of the Bankruptcy Act and the court has an appointment for a hearing on 8 March 2021.

However, it appears that on 5 March 2021, Inter Far East Energy Corporation Public Company Limited has already paid the judgment to the plaintiff in this case and the Civil Court has ordered that the plaintiff loses the right to execute the case. Since the debt is suspended under the provisions of the law.

But the Central Bankruptcy Court dismissed the petition on the grounds that the company did not place the property to pay the debt to the putting office and the court has investigated the said petition further and has a temporary receivership order Under the Bankruptcy Act B.E.2483, Section 17 and an order that the plaintiff’s creditors jointly bring the company damage deposit of 3,000,000 baht to court within 7 days from today (8 March 2021) if the joint plaintiff does not bring the said amount to court within the specified period. The court will continue to consider the order under Section 18 of the Bankruptcy Act B.E.2483.

 

The results of the order under Section 17 of Bankruptcy Act B.E. 2483 as stated in Section 24 Bankruptcy Act B.E. 2483, which makes the company unable to perform the following actions;

1) Do not act on their property or business unless it is done in accordance with the orders or approval of the Court. The Official Receiver, Property Manager or Creditors’ meeting as provided for in this Act.

2) The company does not have the authority to act on the assets in which the lawsuit is filed, whether in the trial or the enforcement class.

3) The company is not prohibited from managing other people’s assets or acting on behalf of others.

4) The company is not restricted from proceeding with the proceedings or exercises under the Bankruptcy Act because it is not in force under Section 24 of the Bankruptcy Act B.E. 2483 and also has the right to appeal or the Supreme Court as defined in the Bankruptcy Act.

5) Once the company has been informed of the protection order, the company must hand over the assets. The company is in possession of all the assets, chop, books bank and documents related to its assets and business which are in possession of the guards.

 

The company does not agree with the temporary receivership order. The company will proceed according to the law in order to maintain the company in normal status and since the company operates a business holding shares in other companies (Holding Company), the company’s subsidiaries and indirect subsidiaries can continue to operate as usual.