New Jersey judge overturns $ 29 million judgment on unpaid company loans

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Law 360 (Jul 26, 2021 4:33 pm ET) – A New Jersey federal judge overturned a $ 29 million judgment against a Garden State business that was suing a Singapore business over unpaid loans. citing the fact that the liquidation procedure of a foreign company deprived it of its principals. the right to take action in legal proceedings.

Chief US District Judge Freda L. Wolfson on Friday upheld the motion of the defendant’s liquidator Wayne Burt PTE Ltd., upholding his argument that he was Wayne Burt’s legal representative. Consequently, it was inappropriate for the directors of TGS Mahesh and R. Krishnan Wayne Burt to receive the complaints filed by Vertiv Inc. and agree with the verdict …

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