Law360 (July 26, 2021, 4:33 PM EDT) — A New Jersey federal judge vacated a $29 million judgment for a Garden State enterprise that sued a Singapore business over defaulted loans, reasoning that the foreign company’s liquidation proceedings stripped its principals of the authority to take action in the litigation.
Chief U.S. District Judge Freda L. Wolfson on Friday granted the motions by the liquidator of defendant Wayne Burt PTE Ltd., siding with his argument that he was Wayne Burt’s legal representative. Therefore, it had been improper of Wayne Burt directors TGS Mahesh and R. Krishnan to receive the complaints brought by Vertiv Inc. and agree to the judgment,…
Read the full article at: https://www.law360.com/newjersey/articles/1406011/nj-judge-vacates-29m-judgment-over-co-s-defaulted-loans
