CIL amended petition hearing on 12 November, 2001

CIL Holdings Limited (0479) announced that during the winding-up hearing held yesterday, Power Forward has withdrawn the winding-up petition against the company and is considering whether to accept the settlement money of the company. Another creditor of the company namely Star Dragon Securities Limited requested to be substituted as the petitioner on the ground that the company has not repaid an outstanding indebtedness of $5 million to Star Dragon on 30 June, 2001. Eventually the Court made the order that there be leave to Star Dragon to substitute as the petitioner and the hearing of the amended petition

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