The applicant sought the appointment of a full receiver over the properties and assets of the respondent power generation companies following significant monetary and operational defaults under loan agreements.
The respondents opposed a full receivership, arguing they had secured alternative financing, but consented to continuing an interim receivership.
The court found the proposed financing commitment highly conditional and uncertain, and noted the respondents' lack of interim funding, disarray in management, and risk to employees and operations.
Concluding it was just and convenient to protect the applicant's security, the court granted the application and appointed a full receiver.
