A four-month moratorium proposed by Singapore-incorporated bunkering firm Energe Asia Pte Ltd (the Applicant) was dismissed by the General Division of the High Court in an ex-tempore judgment on 23 December 2025.

Judicial Commissioner Mohamed Faizal noted Energe Asia satisfied procedural requirements required for the moratorium application. However, the act was not performed in good faith with insufficient evidence of creditor support.

“I make one final point. Each of the points I have raised may perhaps have benign explanations to them. However, when put together, it is hard not to infer a very real risk that the Applicant is using the moratorium and scheme process to sideline genuine creditors, to sell assets at a undervalue to associated parties, and to dissipate any monies received, or to use such monies in a selective manner to prefer some creditors over others,” he concluded.

“As can be seen above, there is a consistent trend of selling assets in seemingly questionable circumstances to associated entities, of deeming valueless ostensibly deeply valuable assets, of downplaying assets with a view, it would seem, to painting as dire a picture as possible of the Applicant’s financial position, and of many millions suddenly being unaccounted for by virtue of ‘operating expenses’.

“There are also real concerns that the Applicant is seemingly looking to ‘right-size’ the creditor base by electing to remain silent about the nature of the debts to creditors who support the Application despite serious questions having been raised, while at the same time opportunistically disputing the debts to creditors who object to the Application.”

As of 21 November 2025, Energe Asia collectively owed approximately USD 39 million to 29 unsecured creditors. The following creditors mentioned in the judgment are:

• Marin Selatan Sdn Bhd, the Applicant’s largest unsecured creditor, is allegedly owed approximately USD 19.03 million.
• PETCO Trading Labuan Co Ltd (PETCO), the Applicant’s second largest unsecured creditor, is allegedly owed approximately USD 4.61 million.
• Olea Global Pte Ltd, the Applicant’s third largest unsecured creditor, is allegedly owed approximately USD 3.72 million.
• Propeller Fuels Ltd, the Applicant’s fourth largest unsecured creditor, is allegedly owed approximately USD 2.98 million.
• Seroja Resources Pte Ltd, the Applicant’s sixth largest unsecured creditor, is allegedly owed approximately USD 1.24 million.
• Aditya Birla Global Trading (Singapore) Pte Ltd, the Applicant’s seventh largest unsecured creditor, is allegedly owed approximately USD 1.07 million.
• The Hawks DMCC, the Applicant’s eighth largest unsecured creditor, is allegedly owed approximately USD 971,000.
• Flex Commodities FZCO, the Applicant’s ninth largest unsecured creditor, is allegedly owed approximately USD 922,000.
• World Properties Pte Ltd, the Applicant’s 15th largest unsecured creditor, is allegedly owed approximately USD 44,000.

Note: The full 29-page ex-tempore judgment of the above case can be found from the General Division of the High Court here.

Note: An Energe Asia representative has informed Manifold Times it will be submitting a point-by-point rebuttal to the court in response to the above development.

Related: Energe Asia faces rising pressure in Singapore amid growing winding-up petitions
Related: Energe Asia to contest winding up application of Petco Trading Labuan Company

Photo credit: Manifold Times
Published: 9 January 2026