Insolvency: Wollongong Coal is not hopeful it will recover any money from Arun Jagatramka.
Struggling miner Wollongong Coal has won a $91 million judgment in a long-running court case against its former parent company, Arun Jagatramkas Gujarat NRE Coke.
But the result is a bittersweet one for the Indian-owned, Wollongong-based coal firm, as it is not hopeful it will see any of the money.
As reported by the Mercury earlier this week, Gujarat NRE Coke, the flagship company of Mr Jagatramkas fading coal empire, has started a corporate insolvency process under Indian law.
In a statement to investors posted on the Australian Securities Exchange, Wollongong Coal said the NSW Supreme Court case was about money owed by Gujarat NRE for coal which wa…
Read the full article at: http://www.illawarramercury.com.au/story/4566444/wollongong-coal-wins-91-million-judgment-against-former-owner/