Dentons Link Legal has successfully advised and represented Sabic Asia Pacific Pte Limited (“Client”), a Singapore based company, before the Hon’ble National Company Law Tribunal, Chennai, in CP (IBC) No. 118 of 2024.
We filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 on behalf of our Client for initiation of the Corporate Insolvency Resolution Process (“CIRP”) against Global Poly Bags Industries Private Limited (“Corporate Debtor”) for the non-payment for an amount of USD 2,265,752.50 towards supply of goods. We actively contested the matter and advanced submissions highlighting that the claim was within limitation owing to repeated acknowledgements and part-payments, that no genuine pre-existing dispute existed, and that belated contractual defences and the arbitration clause could not bar CIRP. The Hon’ble NCLT, Chennai allowed the petition and admitted the matter, thereby initiating CIRP against the Corporate Debtor, appointing an Interim Resolution Professional, and imposing moratorium under Section 14 of the IBC.
Dentons Link Legal provided the legal strategy and advice at every stage to ensure that the rights of the Client were effectively protected and secured.
The matter was led by Mustafa Motiwala (Senior Partner), Nihal Shaikh (Associate Partner) and Siddhi Phatkare (Articled Clerk).