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NSL OilChem Waste Management application to wind up Prosper Marine approved

30 Dec 2020

A notice was published in the Government Gazette on Tuesday (29 December) regarding the winding up application filed by NSL OilChem Waste Management Pte Ltd (NOWM), the environmental services arm of SGX-listed NSL Ltd, against local marine slop collection and disposal company Prosper Marine Pte Ltd on 24 November. 

According to the notice, the application has been approved and all Prosper Marine’s creditors should file their proof of debt with the appointed liquidators who will be administering all affairs of the company.

Name and address of joint and several liquidators:
Seshadri Rajagopalan and Paresh Tribhovan Jotangia
c/o Grant Thornton Singapore Pte Ltd
8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

Background summary

NOWM’s move to windup Prosper Marine came after a High Court Judge decision on 29 September where it won claims in three suits (Suit 1062, Suit 853 and Suit 1048) against the defendant.

Suit 1062 relates to invoices issued by NOWM to Prosper Marine between June 2015 and October 2016 under the 2014 Contracts worth $6,429,105.74 before interest and $7,629,613.70 with interest (calculated up to 23 February 2017).

Suit 853 revolves around the sole issue whether the Prosper Directors are liable in their personal capacity for NOWM’s outstanding invoices. The Judge found the Prosper Directors jointly and severally liable for NOWM’s unpaid invoices, including 18% late payment interest. 

Suit 1048 concerns NOWM’s claim of $261,290.32 for its outstanding charter hire for the period between 27 May and 16 September 2016 as well as damages in respect of Prosper Marine’s breaches of the Charterparty with interest.

The full 118-page High Court Judge decision can be viewed here.

Related: NSL OilChem Waste Management makes application to wind up Prosper Marine

Photo credit: Manifold Times 

Published: 30 December, 2020

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