Khark Petrochemical Company (Plaintiff) is an Iranian company dealing in petrochemical products.

Hazel Mercantile Limited (Defendant) is an Indian company engaged in international trade and distribution of chemicals and petrochemical products.

The Plaintiff and Defendant engaged in commercial transactions since 2007, with the Plaintiff supplying methanol and naphtha to the Defendant.

The Defendant, through Mr. Abolfazl Maleki, placed purchase orders with the Plaintiff.

The Plaintiff issued proforma invoices, and the Defendant accepted them.

The Defendant made payments through its subsidiary, Hazel Middle East FZE, until 2014.

From 2014 onwards, Interglobe Trading FZE (“IGT”) and Venture Crosstrade FZE (“Venture Crosstrade”) made payments on the Defendant's behalf.

Khark Petrochemical Company (Plaintiff) is an Iranian company dealing in petrochemical products.

Hazel Mercantile Limited (Defendant) is an Indian company engaged in international trade and distribution of chemicals and petrochemical products.

The Plaintiff and Defendant engaged in commercial transactions since 2007, with the Plaintiff supplying methanol and naphtha to the Defendant.

The Defendant, through Mr. Abolfazl Maleki, placed purchase orders with the Plaintiff.

The Plaintiff issued proforma invoices, and the Defendant accepted them.

The Defendant made payments through its subsidiary, Hazel Middle East FZE, until 2014.

From 2014 onwards, Interglobe Trading FZE (“IGT”) and Venture Crosstrade FZE (“Venture Crosstrade”) made payments on the Defendant's behalf.