The case involves an application filed by SABIC Asia Pacific Pte Ltd, the Operational Creditor, under Section 9 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against JBF Industries Limited, the Corporate Debtor, for a debt of INR 24,71,27,834.91. The debt arose from a Chemical Terms Sales Contract dated 01.01.2014 between Saudi Basic Industries Corporation (SABIC) and JBF Industries Limited (RAK LLC) for the sale and purchase of Mono Ethylene Glycol (MEG). SABIC Asia Pacific Pte Limited became a party to the contract through an amendment in August 2014, effective retroactively from 01.01.2014. The Operational Creditor supplied MEG to the Corporate Debtor and raised invoices for payment. The Corporate Debtor defaulted on payments, leading
…A Chemical Terms Sales Contract dated 01.01.2014 was executed between Saudi Basic Industries Corporation (SABIC) and JBF Industries Limited (RAK LLC) for the sale and purchase of Mono Ethylene Glycol (MEG). SABIC Asia Pacific Pte Limited became a party to the contract via an amendment in August 2014, effective from 01.01.2014. The Operational Creditor supplied MEG to the Corporate Debtor, raising invoices for payment. Payment was due within 75 days of the bill of lading date, i.e., 07.02.2017, making the payment due on 22.04.2017. The Corporate Debtor failed to make payments, leading to NCLT proceedings under Section 9 of the IBC. A Settlement Agreement was executed on 26.12.2018, with the Corporate Debtor admitting liability. The Corporate Debtor defaulted on the
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A Chemical Terms Sales Contract was executed…
SABIC Asia Pacific Pte…
The case involves an application filed by SABIC Asia Pacific Pte Ltd, the Operational Creditor, under Section 9 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against JBF Industries Limited, the Corporate Debtor, for a debt of INR 24,71,27,834.91. The debt arose from a Chemical Terms Sales Contract dated 01.01.2014 between Saudi Basic Industries Corporation (SABIC) and JBF Industries Limited (RAK LLC) for the sale and purchase of Mono Ethylene Glycol (MEG). SABIC Asia Pacific Pte Limited became a party to the contract through an amendment in August 2014, effective retroactively from 01.01.2014. The Operational Creditor supplied MEG to the Corporate Debtor and raised invoices for payment. The Corporate Debtor defaulted on payments, leading
…A Chemical Terms Sales Contract dated 01.01.2014 was executed between Saudi Basic Industries Corporation (SABIC) and JBF Industries Limited (RAK LLC) for the sale and purchase of Mono Ethylene Glycol (MEG). SABIC Asia Pacific Pte Limited became a party to the contract via an amendment in August 2014, effective from 01.01.2014. The Operational Creditor supplied MEG to the Corporate Debtor, raising invoices for payment. Payment was due within 75 days of the bill of lading date, i.e., 07.02.2017, making the payment due on 22.04.2017. The Corporate Debtor failed to make payments, leading to NCLT proceedings under Section 9 of the IBC. A Settlement Agreement was executed on 26.12.2018, with the Corporate Debtor admitting liability. The Corporate Debtor defaulted on the
…A Chemical Terms Sales Contract was executed…
SABIC Asia Pacific Pte…