Industry 10 March 2015

NSW Court of Appeal – filing to judgment in 6 days

The NSW Court of Appeal has shown that if the circumstances demand, it can deliver a decision within 6 days of the appeal being filed.  The appeal concerned the proper construction of a sale agreement and three standby letters of credit totalling $150m in value.  The appellants argued that the letters of credit fell due for payment on 2 March 2015.

Proceedings were commenced in the NSW Supreme Court Commercial List on 8 December 2014. Separate proceedings in Western Australia commenced on 10 December 2014 were cross-vested to NSW. The trial took place on 3 and 4 February 2015 with judgment being given on 20 February 2014. A notice of appeal was filed on 22 February and a cross-appeal on 23 February. Directions were made to enable both appeals to be heard as a matter of extreme urgency on 24 February. The Court of Appeal gave judgment at 4.30pm on Friday, 27 February, just before the weekend preceding Monday, 2 March. The appeal lasted 6 days from commencement to judgement.

The case Griffin Energy Group Pty Limited (Subject to Deed of Company Arrangement) v ICICI Bank Limited [2015] NSWCA 29 can be found here.


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