On Jan 17, 2023, Asian Green Tech issued a default notice in writing to X Diamond Capital where X Diamond Capital was said to have caused an “event of default”. The “event of default” was said to have “materially and incurably breached” the JVA. Through the same written notice, Asian Green Tech terminated the JVA against X Diamond Capital with immediate effect.
Metech International has terminated the joint venture agreement (JVA) with X Diamond Capital (XDC) where it established a joint venture company (JVCo) to manufacture and distribute lab-grown diamonds.
The JVA was entered into by Metech’s wholly-owned subsidiary, Asian Green Tech, on Sept 24, 2021.
