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Petitioner failed to satisfy statutory requirements for administration order under sections 247(3)(a) and (c) of the Companies Act, lacked sufficient assets, viable business, and credible plan for recovery; therefore, administration order cannot be granted.
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The petitioners lacked locus standi to present the winding up petition in the name of the company based on a board resolution rather than a members' resolution, violating the Companies Act and Articles of Association. Without locus standi, the Court lacks jurisdiction to entertain the petition.
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The application for leave to apply for an order of sale is dismissed because granting leave would defeat the purpose of the moratorium imposed by Section 249(1)(c) of the Companies Act, 2012, which is to preserve the status quo and assets for the benefit of all creditors until the administration petition is determined.
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A petition by a creditor under section 265 of the Companies Act for discharge of an administration order constitutes legal proceedings and requires leave of the court under section 250(3)(d); absence of such leave renders the petition incompetent and liable to be struck out.
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The High Court granted leave to sue the Parastatal Sector Reform Commission, holding that the statutory receiver could not be sued without court leave.
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