Khera v Palladian Capital Ltd & Anor [2024] EWHC 1009 (Ch) (01 May 2024)

Khera v Palladian Capital Ltd & Anor [2024] EWHC 1009 (Ch) (01 May 2024)

There is no genuine or substantial dispute regarding the debts owed to petitioner by Capital and Penfold; alleged assignment of debt and cross-claim are not supported by credible evidence or contemporaneous documentation; both companies are insolvent and deadlocked; winding up orders are appropriate.

Citation
[2024] EWHC 1009 (Ch)
Parties
Petitioner: Chetan Khera; First Respondent: Palladian Capital Limited; Second Respondent: Palladian (Penfold) Limited; Creditor of Second Respondent: Two Work Ltd; Member of Second Respondent: Dara Khera
Jurisdiction
England and Wales
Judgment Date
01 May 2024
Procedural Posture
Creditor's Winding Up Petitions / Final Hearing
Outcome
Both Palladian Capital Limited and Palladian (Penfold) Limited are ordered to be wound up compulsorily on the petitions presented by Chetan Khera.
Legal Topics
Winding Up, Director's Loan Account, Derivative Action, Assignment of Debt, Sale at Undervalue, Deadlock, Preference Claim
Insolvency Company Law Winding Up Director's Loan Account Derivative Action Assignment of Debt Sale at Undervalue Deadlock +1 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 6 Authorities cited 9 Party arguments 2 Amounts and remedies 8
Sign in to unlock

Parties

Chetan Khera

Petitioner

Palladian Capital Limited

First Respondent

Palladian (Penfold) Limited

Second Respondent

Two Work Ltd

Creditor of Second Respondent

Dara Khera

Member of Second Respondent

Procedural Posture

Creditor's Winding Up Petitions / Final Hearing

Legal Issues

  1. 1 Whether there is a genuine and substantial dispute regarding the debt owed to petitioner by Capital
  2. 2 Whether Penfold's asserted cross-claim against petitioner is genuine and substantial
  3. 3 Whether winding up orders should be made against Capital and Penfold

Ratio Decidendi

There is no genuine or substantial dispute regarding the debts owed to petitioner by Capital and Penfold; alleged assignment of debt and cross-claim are not supported by credible evidence or contemporaneous documentation; both companies are insolvent and deadlocked; winding up orders are appropriate.

Court Disposition

Both Palladian Capital Limited and Palladian (Penfold) Limited are ordered to be wound up compulsorily on the petitions presented by Chetan Khera.

Orders

  • Winding up order against Palladian Capital Limited
  • Winding up order against Palladian (Penfold) Limited