TERRAFORM LABS PTE. LTD. [2025] SGHC(I) 4 (21 February 2025)

TERRAFORM LABS PTE. LTD. [2025] SGHC(I) 4 (21 February 2025)

Recognition of the Chapter 11 Plan and Confirmation Order is appropriate under Article 21(1) of the SG Model Law, as all procedural requirements are satisfied, creditor interests (including secured creditors) are adequately protected, and the reliefs requested are consistent with modified universalism and the purposes of the Model Law. The adjournment request was denied as no genuine emergency or prejudice was demonstrated.

Citation
[2025] SGHC(I) 4
Parties
Applicant: Terraform Labs Pte. Ltd.; Non Party (objector): Beltran Parties (representative group of claimants and 370 creditors); Non Party (plan Administrator): Plan Administrator (US counsel); Applicant (watching Brief): Tan Chee Meng SC and Samuel Navindran (WongPartnership LLP); Non Party: Fong Shi-Ting Fay (Allen & Gledhill LLP)
Jurisdiction
Singapore
Judgment Date
21 February 2025
Procedural Posture
Originating Application (oa) and Summons (sum) Under Insolvency, Restructuring and Dissolution Act 2018 and UNCITRAL Model Law / Application for Recognition and Discretionary Relief Under SG Model Law, Post Confirmation of US Chapter 11 Plan
Outcome
Application granted. Recognition of Chapter 11 Plan and Confirmation Order; discretionary reliefs under SG Model Law granted.
Legal Topics
Recognition of Foreign Insolvency Proceedings, UNCITRAL Model Law, Chapter 11 US Bankruptcy, Adequate Protection, Modified Universalism, Enforcement of Foreign Court Orders, Plan Confirmation, Creditor Classification
Insolvency Law Cross Border Insolvency Commercial Law Recognition of Foreign Insolvency Proceedings UNCITRAL Model Law Chapter 11 US Bankruptcy Adequate Protection Modified Universalism +3 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 4 Authorities cited 14 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Terraform Labs Pte. Ltd.

Applicant

Beltran Parties (representative group of claimants and 370 creditors)

Non Party (objector)

Plan Administrator (US counsel)

Non Party (plan Administrator)

Tan Chee Meng SC and Samuel Navindran (WongPartnership LLP)

Applicant (watching Brief)

Fong Shi-Ting Fay (Allen & Gledhill LLP)

Non Party

Procedural Posture

Originating Application (oa) and Summons (sum) Under Insolvency, Restructuring and Dissolution Act 2018 and UNCITRAL Model Law / Application for Recognition and Discretionary Relief Under SG Model Law, Post Confirmation of US Chapter 11 Plan

Legal Issues

  1. 1 Whether the Chapter 11 Plan and Confirmation Order should be recognised in Singapore under the SG Model Law
  2. 2 Whether discretionary relief under Article 21 of the SG Model Law should be granted
  3. 3 Whether adequate protection exists for secured creditors (Beltran Parties)

Ratio Decidendi

Recognition of the Chapter 11 Plan and Confirmation Order is appropriate under Article 21(1) of the SG Model Law, as all procedural requirements are satisfied, creditor interests (including secured creditors) are adequately protected, and the reliefs requested are consistent with modified universalism and the purposes of the Model Law. The adjournment request was denied as no genuine emergency or prejudice was demonstrated.

Court Disposition

Application granted. Recognition of Chapter 11 Plan and Confirmation Order; discretionary reliefs under SG Model Law granted.

Orders

  • Recognition of Second Amended Chapter 11 Plan of Liquidation and Confirmation Order by US Bankruptcy Court.
  • TFL authorised to administer and realise property/assets in Singapore per the Plan and Confirmation Order.