Jay Polychem faces Quippo in court

Vol 17, PW 21 (05 Jun 14) News in Brief
     

Judges at the Delhi High Court will hear a case on July 16 filed by Gurgaon-based driller Quippo Oil & Gas challenging Delhi-based operator Jay Polychem over unpaid bills.

Quippo filed a petition with the Delhi court on April 23 after Jay allegedly failed to pay them Rs1.15cr ($194,000). Jay hired a 750-hp Quippo rig last February on a Rs2.88cr ($485,925) contract to drill two ‘firm’ plus an ‘optional’ 11 wells at its 136-sq km NELP-VIII onland Cambay basin block CB-ONN-2009/8.

But Jay terminated the contract when the two firm wells turned out dry. “We've filed a ‘winding up’ petition in the Delhi court,” confirms a Quippo source.

“Jay denies it has any debts, but we have seen emails where they have accepted the debt.” Quippo completed drilling at CB-ONN-2009/8 on September 29 last year.

Of the Rs2.88cr ($485,925) due, Jay Polychem paid Rs1.73cr ($293,124) and tried to settle the matter but later refused to pay the balance, says Quippo. When contacted, Jay said it was unable to comment on the matter.