# In the matter of Khark Petrochemical Company vs. Hazel Mercantile Ltd.

> HC judgment dated 2025-06-09. Citation: TCN-2025-HC-00067. Khark Petrochemical Company, an Iranian company, filed a suit against Hazel Mercantile Limited, an…

- **Court:** HC
- **Order date:** 9 Jun 2025
- **Citation:** TCN-2025-HC-00067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/bombay-high-court-panaji/khark-petrochemical-company-vs-hazel-mercantile-ltd-19db012d

## Summary

### Background

Khark Petrochemical Company, an Iranian company, filed a suit against Hazel Mercantile Limited, an Indian company, seeking enforcement of a foreign arbitral award dated 7th September 2018. The award was passed in Iran under the rules of Arbitration Center of Iran Chamber (“ACIC”). The Plaintiff sought interim relief to secure the awarded amount.

## Facts

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.

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## Issues and analysis

### Issue 1: Whether the Suit based on the foreign award is maintainable in India, considering Iran is a …

**Ratio:** The Act of 1996 is a self-contained Code and there is a negative import against the

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**Reasoning:** The court considered the provisions of the Arbitration and Conciliation Act, 1996, and

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**Interpretation:** The court interpreted the Act of 1996 as a self-contained code that does not

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**Application:** The court applied this interpretation to the present case, noting that Iran is

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## Parties

- **Judges:** N. J. JA…
- **Appellants:** Khark Petrochemica…; Pradeep…
- **Respondents:** Hazel Mercantile…; Nitin Did…
- **Other parties:** Rajesh Ha…
- **Advocates:** Ratan Kumar…; Akshay Ga…; +7 more

## Timeline

- **2018-09-07 — Arbitral…**: Arbitral Tribunal passed an…
- **2024-01-13 — Suit Inst…**: Suit has been instituted…

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