AFFERT RESOURCES PTE. LTD. (IN COURT COMPULSORY WINDING UP) v INDUSTRIES CHIMIQUES DU SENEGAL & Anor
Outcome
Appeal dismissedwe dismissed the appeal and awarded costs to the respondents fixed at $55,000 inclusive of disbursements.
Source: [2025] SGCA 19, Court of Appeal, decided 30 April 2025. Read directly from the judgment.
Key facts
| Court | Court of Appeal |
|---|---|
| Decided | |
| Judges | Andrew Phang Boon Leong, Belinda Ang Saw Ean, Kannan Ramesh |
| Charges / claim | Insolvency Law |
| Outcome | Appeal dismissed |
| Sentence / award | $55,000 |
| Counsel | Bih Lee & Lee LLP, Colin Seow Chambers LLC, Drew & Napier LLC, Bull Cavinder, Darrell Low Kim Boon, Fu Journe Hahn, Huang Qianwei, Kong Man Er, Ling Ying Ming Daniel, Seow Fu Hong Colin |
Source: [2025] SGCA 19, Court of Appeal, decided — eLitigation. Updated .
Catchwords
Practice Areas
Counsel (10)
Case Significance
[2025] SGCA 19 is a Court of Appeal decision dated 30 April 2025 concerning Insolvency Law, specifically addressing avoidance of transactions. The judgment was delivered by Kannan Ramesh, with Andrew Phang Boon Leong and Belinda Ang Saw Ean on the coram. The case was brought by Affert Resources Pte Ltd (in court compulsory winding up) (appellant) against Indorama Holdings BV and others (respondent). Legal representation was provided by Bih Lee & Lee LLP and Drew & Napier LLC. The judgment cites 14 cases (12 Singapore, 2 foreign) and references 5 statutory provisions, including the Bankruptcy Act, the Companies Act, and the Insolvency Act.
[2025] SGCA 19 explained
AFFERT RESOURCES PTE. LTD. (IN COURT COMPULSORY WINDING UP) v INDUSTRIES CHIMIQUES DU SENEGAL & Anor ([2025] SGCA 19) is a Singapore judgment decided by the Court of Appeal on 30 April 2025. It is categorised under Insolvency Law. It is a recent decision; within this corpus no later judgment has cited it yet. This page summarises what the reported decision covers and links the primary sources — the full judgment, the statutes it cites, and the other cases it engages with — so the decision can be read in context. It is reference information, not legal advice, and it does not state the outcome or any holding beyond what the official judgment records.
What is [2025] SGCA 19 about?
AFFERT RESOURCES PTE. LTD. (IN COURT COMPULSORY WINDING UP) v INDUSTRIES CHIMIQUES DU SENEGAL & Anor ([2025] SGCA 19) is a Court of Appeal decision from 2025. Its published catchwords are “Insolvency Law — Avoidance of transactions — Transactions at an underval-ue”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.
Which legislation does [2025] SGCA 19 consider?
The judgment refers to Bankruptcy Act (Cap 20), Companies Act (Cap 50), Insolvency Act, and Insolvency, Restructuring and Dissolution Act, among other provisions. The statutes cited are listed in full on this page, each linking to its primary text.
What earlier Singapore cases does [2025] SGCA 19 cite?
Among the in-corpus authorities it refers to are [2024] SGHC 57. The complete list of cases cited, and of later cases that cite this decision, is shown on this page.
Summary
Affert Resources (in compulsory winding up) sought to claw back assets from Industries Chimiques du Senegal and Indorama Holdings, alleging a transaction at an undervalue under the insolvency avoidance provisions. The central issue was the identification and valuation of the relevant transaction — an acquisition agreement where Affert acquired ICS shares in exchange for settling a US$22 million debt owed by ICS to Affert. The Court of Appeal dismissed the appeal, departing from the judge's finding of undervalue and holding that the transaction was not at an undervalue when properly analysed.
What was decided in [2025] SGCA 19?
[2025] SGCA 19 (AFFERT RESOURCES PTE. LTD. (IN COURT COMPULSORY WINDING UP) v INDUSTRIES CHIMIQUES DU SENEGAL & Anor) is a Court of Appeal decision from 30 April 2025 addressing Insolvency Law, specifically avoidance of transactions. The judgment was delivered by Kannan Ramesh.
Who were the parties in AFFERT RESOURCES PTE. LTD. (IN COURT COMPULSORY WINDING UP) v INDUSTRIES CHIMIQUES DU SENEGAL & Anor ([2025] SGCA 19)?
The appellant in [2025] SGCA 19 was Affert Resources Pte Ltd (in court compulsory winding up), and the respondent was Indorama Holdings BV, Industries Chimiques du Senegal. Legal representation included Bih Lee & Lee LLP and Colin Seow Chambers LLC. The case was decided on 30 April 2025 in the Court of Appeal.
Which judge decided [2025] SGCA 19?
[2025] SGCA 19 was delivered by Kannan Ramesh in the Court of Appeal on 30 April 2025. Andrew Phang Boon Leong and Belinda Ang Saw Ean also sat on the coram. The case concerned Insolvency Law.
What cases and statutes does [2025] SGCA 19 cite?
[2025] SGCA 19 cites 14 prior decisions, including 2 from foreign jurisdictions. It references Bankruptcy Act, Companies Act, Insolvency Act.
Statutes Cited
Cases Cited (14)
Related cases
Other Singapore judgments involving the same parties or counsel.
Referenced in
Statutes interpreted in this judgment
Legal concepts & references
Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2025] SGCA 19)