kluane drilling limites vs kluane drilling tanzania limites 2020 tzhccomd 2085 23 october 2020

kluane drilling limites vs kluane drilling tanzania limites 2020 tzhccomd 2085 23 october 2020

The Petitioner, as majority shareholder and creditor, is entitled to petition for winding up under section 281(1) of the Companies Act. The Respondent does not oppose the petition, all statutory requirements have been met, and a board resolution supports the winding up. The Court therefore grants the winding up and appointment of a liquidator.

Citation
kluane drilling limites vs kluane drilling tanzania limites 2020 tzhccomd 2085 23 october 2020
Parties
Petitioner: Kluane Drilling Limited; Respondent: Kluane Drilling Tanzania Limited
Court
TZHCCOMD
Jurisdiction
Tanzania
Judgment Date
23 October 2020
Procedural Posture
Miscellaneous Commercial Civil Cause / Judgment
Outcome
Petition granted
Legal Topics
Compulsory Winding Up, Appointment of Liquidator, Inter Company Debt, Board Resolution, Non Opposition to Petition
Source Language
English
Company Law Insolvency Compulsory Winding Up Appointment of Liquidator Inter Company Debt Board Resolution Non Opposition to Petition

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Parties

Kluane Drilling Limited

Petitioner

Kluane Drilling Tanzania Limited

Respondent

Procedural Posture

Miscellaneous Commercial Civil Cause / Judgment

Legal Issues

  1. 1 Whether the Respondent company should be wound up under section 281(1) of the Companies Act, Cap.212 R.E 2002
  2. 2 Whether a liquidator should be appointed by the Court
  3. 3 Whether the Petitioner is entitled to the reliefs sought

Ratio Decidendi

The Petitioner, as majority shareholder and creditor, is entitled to petition for winding up under section 281(1) of the Companies Act. The Respondent does not oppose the petition, all statutory requirements have been met, and a board resolution supports the winding up. The Court therefore grants the winding up and appointment of a liquidator.

Court Disposition

Petition granted

Orders

  • The Respondent company, Kluane Drilling Tanzania Limited, is wound up under section 281(1) of the Companies Act, Cap.212.
  • Mr Vintan Willgis Mbiro is appointed as official liquidator for six months with powers as per sections 299-304 of the Companies Act, 2002.