Chemical
Singapore court revises compensation amount of Kiri Industries
As per new order, the compensation amount has been reduced to US$494,380.53.
- By Pravin Prashant
| October 20, 2020
Kiri Industries Limited has significantly succeeded in the appeal filed with the Singapore Court of Appeal with regard to Singapore International Commercial Court's (SICC) order dated March 3, 2020 for payment of damages by the company to DyStar.
As per court of appeal's order dated October 19, 2020, in favour of the company, damage amount needs to be recalculated based on directions given in their order. Hence, now the amount that the company needs to pay will be significantly reduced compared to what SICC had awarded earlier, US$494,380.53 vide order dated March 3, 2020.
In addition, on the basis of the success, the court of appeal has also awarded the company 50% cost of the appeal which is to be paid by DyStar to the company. As per the earlier order, SICC had awarded costs of SG$245,877.52 payable by Kiri Industries to DyStar.
The company had filed an appeal against part of the judgment delivered by Singapore International Commercial Court (SICC) on 03rd March 2020.
As per the verdict, the company had to pay US$678,480.50 (including interest till March 3, 2020) towards damages caused to DyStar on account of solicitation of its customers in Morocco and Sri Lanka.
Kiri Industries Limited (KIL) is one of the largest manufacturer and exporter of wide range of Dyes, Intermediates and Chemicals from India. Company is an accredited and certified key business partner with worlds top Dyestuff majors across Asia-Pacific, the EU and Americas.
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