This application was filed by Sundaresh Bhat, the Resolution Professional of JBF Petrochemicals Limited (the Corporate Debtor), under Section 60(5)(C) of the Insolvency and Bankruptcy Code, 2016 (IBC) and Rule 11 of the NCLT Rules, 2016. The Corporate Debtor was aggrieved by the termination of an Off-Take Agreement dated April 12, 2016, by Mangalore Refinery and Petrochemicals Limited (the Respondent). This agreement concerned the supply of Paraxylene (Px) to the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on January 28, 2022, and a moratorium was declared under Section 14 of the IBC.
On November 7, 2012, Mangalore Refinery and Petrochemicals Limited (the Respondent) invited bids for the purchase of Paraxylene ("Px"). JBF Petrochemicals Limited (the Corporate Debtor) accepted this offer. Subsequently, on February 14, 2015, the Respondent issued a notification of award in favor of the Corporate Debtor for the sale and supply of Paraxylene. An Off-Take Agreement for the supply of Px was formally executed between the Corporate Debtor and the Respondent on April 12, 2016.
Mangalore Refinery and Petrochemicals Limited…
Mangalore Refinery and Petrochemicals Limited…
This application was filed by Sundaresh Bhat, the Resolution Professional of JBF Petrochemicals Limited (the Corporate Debtor), under Section 60(5)(C) of the Insolvency and Bankruptcy Code, 2016 (IBC) and Rule 11 of the NCLT Rules, 2016. The Corporate Debtor was aggrieved by the termination of an Off-Take Agreement dated April 12, 2016, by Mangalore Refinery and Petrochemicals Limited (the Respondent). This agreement concerned the supply of Paraxylene (Px) to the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on January 28, 2022, and a moratorium was declared under Section 14 of the IBC.
On November 7, 2012, Mangalore Refinery and Petrochemicals Limited (the Respondent) invited bids for the purchase of Paraxylene ("Px"). JBF Petrochemicals Limited (the Corporate Debtor) accepted this offer. Subsequently, on February 14, 2015, the Respondent issued a notification of award in favor of the Corporate Debtor for the sale and supply of Paraxylene. An Off-Take Agreement for the supply of Px was formally executed between the Corporate Debtor and the Respondent on April 12, 2016.
Mangalore Refinery and Petrochemicals Limited…
Mangalore Refinery and Petrochemicals Limited…