BY SAM ALFAN.
Appointment of two receiver managers to administer Cape Holdings Limited, a company that was placed under administration by I &M Bank remains suspended.
High Court extended the orders suspending the appointment Ponangipalli Venkata Rao and Swaroop Rao as joint administrators, pending hearing and determination of the suit filed by Senergy Industrial Credit Limited, which lays claim to Cape Holdings pending ruling on April 19th.
The court further extended orders blocking the joint administrators from assuming office, pending the ruling on the issue.
“A temporary injunction restraining Ponangipalli Venkata Rao and Swaroop Rao from assuming office as joint administrators of Cape Holding Limited and from taking any other steps in furtherance of their appointment is hereby extended pending ruling on April 19th,” ordered Judge Mabeya.
The court had issued the orders stopping appointment of two receiver managers to administer Cape Holdings Limited, a company that was placed under administration by I &M Bank last month.
