AFFERT RESOURCES PTE. LTD. (IN COURT COMPULSORY WINDING UP) v INDUSTRIES CHIMIQUES DU SENEGAL & Anor

Case Significance

Affert Resources Pte Ltd (in court compulsory winding up) v Industries Chimiques du Senegal and another [2024] SGHC 57 was decided by the General Division of the High Court on 28 February 2024, with judgment delivered by Goh Yihan J after a hearing on 28 November 2023. The applicant, Affert Resources Pte Ltd (in compulsory winding up), brought Originating Summons No 544 of 2019 under section 329 of the Companies Act (Cap 50) read with section 98 of the Bankruptcy Act (Cap 20), seeking to unwind a transaction said to be at an undervalue. The alleged transaction was a waiver of a debt of US$17,007,263.60 owed by the first respondent, Industries Chimiques du Senegal, to the applicant. The applicant sought an order, under section 329(1) of the Companies Act read with sections 98(2) and/or 102(1)(d) of the Bankruptcy Act, that the first respondent and/or the second respondent, Indorama Holdings BV, pay the sum of US$17,007,263.60. The judgment records that Goh Yihan J dismissed the application. The matter raised whether a waiver could constitute a transaction at an undervalue and whether it was appropriate to make a payment order. The applicant was represented by counsel including Ang Leong Hao, Darrell Low Kim Boon, Petrina Tan Heng Kiat, Sia Bao Huei and Wong Soon Peng Adrian, while the respondents were represented by counsel including Bull Cavinder, Kong Man Er and Tan Sih Si.