The Court of Appeal for Specialized Cases (Bankruptcy Division) upheld the decision to dismiss the rehabilitation petition submitted by JTA against GL. The decision is final
Mr. Alain Dufes, Chief Financial Officer of Group Lease Public Company Limited, revealed that “on 29 September 2020, the Central Bankruptcy Court read the Court of Appeal for Specialized Cases (Bankruptcy Division) (“CASC”)’s Judgment. The CASC, in favor of GL, upheld the Central Bankruptcy Court’s decision to dismiss the rehabilitation petition submitted by JTA against GL.”
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, stated, “we are pleased the Court has given final clarity on this case and found that GL’s robust business does not need rehabilitation. The consecutive three dismissals of JTA’s claims is a strong indication that the Court, at multiple levels, rejected JTA’s arguments.
Our strong belief that JTA’s argument were invalid led us to previously sue JTA for their bad faith legal actions, which on 5 March 2020, the Thai Civil Court agreed with our claim and ordered JTA to pay THB 685.5 million to GL. However, that claim was only for the period of 10 January 2018 to 19 March 2018 during the first automatic stay brought about by JTA’s conduct. Since then, as shown by today’s ruling, JTA continued its abusive court actions against GL.
As a response, earlier this month, GL filed a civil claim seeking 9,130 million baht in damages and legal expenses for JTA’s bad faith legal actions for the period of 20 March 2018 to 11 September 2020. GL is thankful for the Court’s conclusion and we hope this judgement persuades JTA to abandon their bad faith legal strategy.”