CR-2025-001156 - [2025] EWHC 2129 (Ch)

On 14 March 2024, Outrider issued a statutory demand (Statutory Demand) against MOL in Mauritius under s.180 of the Mauritius Insolvency Act 2009. The amount demanded was US$61m, representing the then outstanding sum under the Guarantee. Unlike UK insolvency law, a statutory demand is a precursor to a winding up petition in Mauritius. If the statutory demand is set aside, no petition can be presented.

On 27 March 2024, MOL applied to the Supreme Court of Mauritius to set aside the Statutory Demand (Set Aside Application) under s.181 of the Mauritius Insolvency Act 2009 on various grounds.

On 3 June 2024, Outrider applied for, and obtained, an interim injunction from the Supreme Court of Mauritius, restraining and prohibiting MOL from selling, transferring, burdening, pledging, assigning, leasing or otherwise disposing of and/ or dissipating the assets of MOL pending the outcome of the Set Aside Application (Injunction).

The Set Aside Application and Injunction Application were case managed together and heard on 24 February 2025 before The Hon Justice MJ Lau Yuk Poon (Justice Lau). Judgment was reserved at the time of Convening Hearing before Mellor J on 2 April 2025.

On 9 May 2025, MOL applied ex parte to the Supreme Court of Mauritius to have Mellor J’s Convening Order recognised pursuant to Article 15 of the UNCITRAL Model Law on Cross-Border Insolvency (Model Law) as enacted in Mauritius by the Insolvency Act 2009 (Recognition Application).

Justice Lau dismissed the Recognition Application on paper without a hearing, handing down her related judgment on 12 May 2025. The judgment was analysed by the parties’ respective Mauritian law experts, with Mr Rajahbalee SC explaining why he is of the opinion that it was wrong and that the Plan remains capable of recognition in Mauritius, including upon a fresh application for recognition of any sanction order from this court or following an appeal of the judgment.

On 14 May 2025, Justice Lau handed down judgment dismissing the Set Aside Application and maintaining the Injunction. Those judgments have not been appealed. However, the Recognition Application judgment was appealed on 22 May 2025 and is apparently now listed for hearing on 24 November 2025.

Finally, on 18 June 2025, very shortly before the Sanction Hearing, Outrider presented a winding-up petition against MOL for non-compliance with the Statutory Demand. At the Sanction Hearing, MOL expressed some concern that there was a forthcoming hearing in the petition on 9 July 2025 and canvassed the possibility that the Court’s sanction decision, alternatively some form of injunctive relief, might be required quickly.

Following correspondence between the parties, Outrider undertook to this Court on 3 July that it would (i) not obtain a winding-up order against MOL on 9 July 2025 and (ii) update MOL and the court on the next procedural steps in the winding-up proceedings within 3 days following 9 July 2025.

The position appears to be that no winding-up order was made against MOL on 9 July 2025 and the Mauritian court has now asked Outrider to “take a stand” by 23 July 2025 on MOL’s request for a stay of the winding-up proceedings pending the sanction decision in this jurisdiction. Outrider’s local lawyers say that it is unlikely that the petition will be resolved before the Mauritian court returns for a new term in September.

It is understood that Outrider has not yet taken enforcement action against MOSA in Madagascar.

Main points in outline

The Plan provides for the following in relation to BMK:-