A Nakumatt Supermarket branch.[Photo/capitalnews]
Nakumatt Holdings has welcomed a High Court ruling, granting administration orders in respect to the firm.
The order granted by High Court Judge Fredrick Ochieng follows a petition by four Nakumatt suppliers seeking administration rights as part of a business recovery plan for the retailer.
Nakumatt Holdings Managing Director, Atul Shah said, “We shall strictly comply with the orders and commit to provide the necessary co-operation to the independent administrator.”
In their petition to the High Court, the four suppliers Ms. Primrose Management Ltd, Sunmatt Ltd, Compulynx Ltd and Jade Concepts had proposed that Mr. Peter Obondo Kahi of PKF Consulting Limited be appointed as administrator.
In the ruling delivered on Monday, the High Court allowed the immediate appointment of Mr Kahi with directions for him to ensure that a creditors meeting is convened within 60days.
“It is hoped and expected that the administration order, if properly executed will be beneficial to all the creditors,” Justice Ochieng noted in the ruling.