Kiri Industries v Senda International Capital: En Bloc Sale, Priority of Proceeds & Costs

In a dispute between Kiri Industries Ltd and Senda International Capital Ltd regarding their shareholdings in DyStar Global Holdings (Singapore) Pte Ltd, the Singapore International Commercial Court ordered an en bloc sale of the shares managed by court-appointed receivers. Kiri was to receive US$603.8m in priority from the sale proceeds, with Senda receiving the balance. The court addressed the costs of the proceedings, awarding Kiri 40% of its costs against Senda and ordering Kiri to pay 50% of DyStar's costs.

1. Case Overview

1.1 Court

Singapore International Commercial Court

1.2 Outcome

Senda to pay 40% of Kiri's costs and disbursements; Kiri to pay 50% of DyStar's costs and disbursements.

1.3 Case Type

Civil

1.4 Judgment Type

Judgment

1.5 Jurisdiction

Singapore

1.6 Description

Court orders en bloc sale of DyStar shares, prioritizing Kiri Industries' proceeds. Kiri awarded 40% costs against Senda, pays 50% of DyStar's costs.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
DyStar Global Holdings (Singapore) Pte LtdDefendantCorporationPartial success in costs applicationPartial
Kiri Industries LtdPlaintiffCorporationPartial success in costs applicationPartial
Senda International Capital LtdDefendantCorporationUnsuccessful in costs applicationLost

3. Judges

Judge NameTitleDelivered Judgment
Kannan RameshJudge of the Appellate DivisionYes
Anselmo ReyesInternational JudgeNo
Roger GilesInternational JudgeNo

4. Counsels

Counsel NameOrganization
Jimmy Yim Wing KuenDrew & Napier LLC
Manoj BelaniDrew & Napier LLC
Chloe Shobhana AjitDrew & Napier LLC
Samuel WittbergerDrew & Napier LLC
Sia Tian Wa Jeremy MarcDrew & Napier LLC
Dhillon Dinesh SinghAllen & Gledhill LLP
Loong Tse ChuanAllen & Gledhill LLP
Lim Dao KaiAllen & Gledhill LLP
Mak Sushan MelissaAllen & Gledhill LLP
Dhivya Rajendra NaiduAllen & Gledhill LLP
Chee Yi Wen SereneAllen & Gledhill LLP
Jung SolAllen & Gledhill LLP
Cheng Wai Yuen MarkRajah & Tann Singapore LLP
Liu YulinRajah & Tann Singapore LLP
Soh Yu Xian PriscillaRajah & Tann Singapore LLP
Lim Wee Teck DarrenRajah & Tann Singapore LLP
Toh Kian SingRajah & Tann Singapore LLP
Mao Zhichao @ Mao ZhihongRajah & Tann Singapore LLP

4. Facts

  1. Kiri and Senda were shareholders in DyStar.
  2. The court ordered an en bloc sale of the shareholdings of Kiri and Senda in DyStar.
  3. Kiri was to receive US$603.8m in priority from the sale proceeds.
  4. Senda failed to comply with a previous Buy-Out Order.
  5. Kiri applied for substitute relief due to Senda's non-compliance.
  6. DyStar took a substantive position on the issues of priority and appointment of receivers.

5. Formal Citations

  1. Kiri Industries Ltd v Senda International Capital Ltd and another, Suit No 4 of 2017 (Summons No 24 of 2023), [2024] SGHC(I) 25

6. Timeline

DateEvent
Suit filed
Summons filed
Case management conference
Hearing date
Judgment date

7. Legal Issues

  1. Costs
    • Outcome: The court determined that Kiri was the successful party against Senda, but apportioned costs to reflect the mixed success on specific issues. Kiri was ordered to pay a portion of DyStar's costs.
    • Category: Procedural
    • Sub-Issues:
      • Determination of successful party
      • Apportionment of costs

8. Remedies Sought

  1. Costs

9. Cause of Actions

  • No cause of actions

10. Practice Areas

  • Commercial Litigation
  • International Arbitration

11. Industries

  • No industries specified

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Comfort Management Pte Ltd v OGSP Engineering Pte LtdSingapore High CourtYes[2022] 5 SLR 525SingaporeCited for the principle of determining the successful party in costs applications by taking a realistic and commercially sensible view of the outcome.
Kiri Industries Ltd v Senda International Capital Ltd and anotherSingapore International Commercial CourtYes[2024] SGHC(I) 14SingaporeCited for the full grounds of the decision regarding the en bloc sale of shareholdings.

13. Applicable Rules

Rule Name
No applicable rules

14. Applicable Statutes

Statute NameJurisdiction
No applicable statutes

15. Key Terms and Keywords

15.1 Key Terms

  • En bloc sale
  • Priority of proceeds
  • Costs
  • Receivers
  • Buy-Out Order
  • Shareholder dispute

15.2 Keywords

  • Costs
  • En bloc sale
  • Shareholder dispute
  • Priority of proceeds
  • Singapore International Commercial Court

17. Areas of Law

Area NameRelevance Score
Costs95
Commercial Disputes70
Receivership60
Civil Practice60
Winding Up50
Jurisdiction40
Arbitration30
Contractual terms20

16. Subjects

  • Civil Procedure
  • Costs
  • Shareholder Disputes