The bankruptcy judge, Suleiman Bin Youssef, decided to reject the request for a protective settlement by The Investment Dar Company, known as the “Falcon” plan, which was presented to the creditors in the presence of the bankruptcy trustees committee on March 5th, 2024.   In accordance with Article 55 of the Bankruptcy Law, the bankruptcy administration is required to inform the debtor company, creditors, the bankruptcy committee, and the company's bankruptcy trustees committee of this decision and publish it in the Official Gazette within 10 days. 

The bankruptcy judge also directed the bankruptcy trustees committee to publicize this decision in two local newspapers, one of which must be in English, within 10 days, regarding the bankruptcy responsibility. Additionally, the company that submitted the request is responsible for sharing this decision on its website and must pay the application fees as required. 

During the meeting with the creditors, 16 creditors rejected the protective settlement proposal, totaling KD (Kuwaiti Dinars) 310.71 million, while 18 creditors approved it, with total debts amounting to KD 131.44 million. Additionally, 4 creditors did not take a definitive stance on accepting or rejecting the proposal, and their total debts equated to KD 38.67 million. 

Consequently, the creditors who rejected the preventive settlement proposal account for more than half of the debts represented at the meeting, resulting in the necessary majority condition not being fulfilled for the protective settlement proposal. Therefore, the debtor company is prohibited from submitting another preventive settlement request given the failure to meet this required majority condition in its initial proposal.