No Signboard Holdings lodges application to court amidst loan to OCBC
The firm said it sees that it will not have enough funds to repay the loan.
Restaurant operator, No Signboard Holdings, revealed that it filed an application to the Singapore High Court for OCBC as the operator faces an outstanding loan to the bank.
To recall, No Signboard and OCBC failed to come to an agreement in the repayment of the bank loan worth $3m extended by OCBC.
No Signboard said it sees that it does not have enough funds to pay the monthly repayments of the bank loan from September 2022 until the completion of its agreement with Gazelle Ventures on 1 July.
To ensure that OCBC will not lodge legal action against No Signboard, the restaurant operator filed the application to the court to subject OCBC to a moratorium order.
“Due to the above-mentioned reasons, the Application was made for the purposes of subjecting OCBC to the terms of the Moratorium Order so that no legal proceedings can be commenced or continued by OCBC against the Company,” said No Signboard.