JBF definition
Examples of JBF in a sentence
The Petitioner Company’s cash flows have been over-burdened due to the delay caused in commissioning of the Project of JBF Petro and the debt obligations undertaken by the Petitioner Company on behalf of JBF Petro.
JBF Petrochemicals Limited (formerly known as JBF Glycol Limited) is a public limited Company, incorporated on September 18, 2008 under the provisions of the Companies ▇▇▇, ▇▇▇▇, having its registered office at Survey Number ▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ (“JBF Petro”).
Given the Petitioner Company’s present financial position, the Petitioner Company is neither in a position to make payment of the amounts demanded by JBF Petro Creditors under the aforementioned corporate guarantee nor will it be in a position to contribute amounts aggregating to approximately US$ 80,000,000 to US$ 100,000,000 to JBF Petro, whether by way of debt or equity, for completing and commissioning the Project and/or meeting its debt obligations to JBF Petro Creditors from its own resources.
The Petitioner Company and the JBF Petro shall, as may be required, make applications and/or petitions under Sections 230 through 232 of the Act and/ or other applicable provisions of the Act to the NCLT for sanction of this Scheme and all matters ancillary or incidental thereto.
As security for JBF Petro’s debt obligations to its creditors, the Petitioner Company has issued a corporate guarantee in favour of the creditors of JBF Petro.
JBF Global Pte Ltd., a private limited company incorporated and organized under the laws of Republic of Singapore (“JBF Global”) is a subsidiary of the Petitioner Company.
JBF Petro is a subsidiary of JBF Global and a step down subsidiary of the Petitioner Company.
JBF Petro requires funds of approximately US$ 80,000,000 to US$ 100,000,000 to complete and operationalize the Project.
For the purpose of inter alia bringing about the corporate restructuring and reorganisation of inter alia JBF Global, JBF Petro and the Petitioner Company, the Petitioner Company, the Investor, the Existing Promoter Group, JBF Petro and JBF Global have entered into a binding term sheet dated August 14, 2018 (“Term Sheet”).The Petitioner Company craves leave to refer to and rely upon the Term Sheet, as and when required.
On account of defaults on the part of JBF Petro, its creditors have invoked the corporate guarantee and demanded payment of an amount of approximately US$ 252,000,000 from the Petitioner Company.