The High Court of Malawi has brought an end to the voluntary winding up of Power Market Limited (PML), paving the way for the company to resume its operations.
The ruling, made by the Commercial Division of the High Court, has been welcomed as a significant development for the energy sector in Malawi.
The request to terminate the winding up process was made by the Attorney General, Frank Mbeta, who acted through the Director of Insolvency under the Insolvency Act of 2016.
Mbeta
This move demonstrates the government’s commitment to ensuring that key players in the energy sector remain operational.
Justice Kachale, the judge in charge of the Commercial Division of the High Court, ruled that the process of winding up the company “be and is terminated.”
This decisive ruling has effectively reversed the earlier plan to close down the business, providing a lifeline to Power Market Limited.
The court said the company can now start operating again, bringing relief to stakeholders and employees.
The decision is expected to have a positive impact on the energy sector, as Power Market Limited is a key player in the market.
Court records show that the decision was made after the judge listened to the lawyer for the Director of Insolvency.
The judge also reviewed a sworn statement from Chikumbutso Namelo, a key figure in the case.
As a result of this ruling, Power Market Limited is now allowed to resume its normal business activities in Malawi. This includes generating and distributing power to meet the country’s energy needs.
The revival of Power Market Limited is expected to boost the energy sector, which is critical to Malawi’s economic growth and development.
The company’s return to operation will contribute to the country’s efforts to increase access to electricity and promote economic development.
The High Court’s decision has been hailed as a significant victory for the company and its stakeholders.
It remains to be seen how Power Market Limited will capitalize on this opportunity to resume its operations and contribute to Malawi’s energy sector.
