Zhejiang Industrial Group Co. Ltd. filed a Company Appeal (AT) (CH) (INS.) No. 272 of 2023 against an order dated 03.05.2023 passed by the National Company Law Tribunal (NCLT), Kochi Bench, which dismissed their petition. The appeal arises from a dispute over the non-payment of dues related to a settlement agreement. The appellant, an operational creditor, claimed that the corporate debtor, Al Badr Seafoods Private Limited, failed to adhere to the agreed payment terms. The NCLT dismissed the petition, citing issues with the date of default and the nature of the debt after the settlement agreement.
Zhejiang Industrial Group Co. Ltd. (the Appellant/Operational Creditor) supplied frozen precooked skipjack tuna loins to Al Badr Seafoods Private Limited (the Corporate Debtor). Sales contracts were entered into between the parties in 2019. The goods were shipped to Tunisia. Disputes arose regarding payment, leading to a settlement agreement dated 16.07.2020 between the Operational Creditor, Al Badr Sarl (a Tunisian entity and associate enterprise of the Corporate Debtor), and the Corporate Debtor. As per the settlement agreement, Al Badr Sarl was to pay USD 1 million in ten equal installments, with the Corporate Debtor acting as guarantor. Al Badr Sarl failed to adhere to the payment schedule. The Appellant issued a demand notice on 30.04.2021 under Section 8(1) of
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Sales Contract No. XYLDE19018 was entered into…
Sales Contract No. XYLDE19023 was entered into…
Zhejiang Industrial Group Co. Ltd. filed a Company Appeal (AT) (CH) (INS.) No. 272 of 2023 against an order dated 03.05.2023 passed by the National Company Law Tribunal (NCLT), Kochi Bench, which dismissed their petition. The appeal arises from a dispute over the non-payment of dues related to a settlement agreement. The appellant, an operational creditor, claimed that the corporate debtor, Al Badr Seafoods Private Limited, failed to adhere to the agreed payment terms. The NCLT dismissed the petition, citing issues with the date of default and the nature of the debt after the settlement agreement.
Zhejiang Industrial Group Co. Ltd. (the Appellant/Operational Creditor) supplied frozen precooked skipjack tuna loins to Al Badr Seafoods Private Limited (the Corporate Debtor). Sales contracts were entered into between the parties in 2019. The goods were shipped to Tunisia. Disputes arose regarding payment, leading to a settlement agreement dated 16.07.2020 between the Operational Creditor, Al Badr Sarl (a Tunisian entity and associate enterprise of the Corporate Debtor), and the Corporate Debtor. As per the settlement agreement, Al Badr Sarl was to pay USD 1 million in ten equal installments, with the Corporate Debtor acting as guarantor. Al Badr Sarl failed to adhere to the payment schedule. The Appellant issued a demand notice on 30.04.2021 under Section 8(1) of
…Sales Contract No. XYLDE19018 was entered into…
Sales Contract No. XYLDE19023 was entered into…