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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Barun Mitra, Member (Technical)
M/s Morex Corporation Limited – Appellant
Versus
Jindal Poly Films Ltd. – Respondent
| Table of Content |
|---|
| 1. appeal under ibc regarding contract termination. (Para 1 , 2) |
| 2. dispute over contract execution and unilateral termination. (Para 3 , 4 , 5 , 6 , 18 , 19 , 20) |
| 3. analysis of communications regarding contract obligations. (Para 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29) |
| 4. court's ruling on pre-existing disputes and ibc applicability. (Para 30 , 31 , 32) |
JUDGMENT
Per: Barun Mitra, Member (Technical)
2. Putting the facts briefly, the Appellant-M/s Morex Corporation Limited had entered into a business understanding with the Respondent-M/s Jindal Poly Films Ltd. for supply of non-woven fabric (hereinafter referred to as “contracted materials”) for export to a China based company. As part of this business arrangement, the shipping terms for the contracted material was on FOB basis and for this purpose, the Appellant had also booked a charter flight for the consignment to be shipped from India to China. The Appellant had issued a Purchase Order on 12.03.2020 for supply of contracted material and made an advance payment of Rs.1.61 crores and Rs.1.38 crores on 04.03.2020 and 12.03.2020 to the Respondent for performing thei
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