Australia, June 30 -- New South Wales Land and Environment Court issued text of the following judgement on May 30:
1. The background to this matter is set out in my judgments of 15 October 2024 [1] and 5 May 2025. [2] I shall use the same abbreviations here.
2. On 20 November 2023, I entered judgment in favour of Gosford against the Bank for $37 million. [3]
3. On 15 December 2023, I stayed that judgment pending consideration by the Chinese Court of the Bank's application to that Court to dissolve its Civil Ruling that currently restrains the Bank from making payment under the Letter of Credit that is the subject of my 20 November 2023 judgment. [4]
4. By Notice of Motion filed on 3 September 2024, Gosford sought an order that the stay be lifted.
5. On 15 October 2024, I declined to lift the stay and stood the motion over pending the Chinese Court's further consideration of the matter.
6. On 2 May 2025 Gosford reagitated its application to lift the stay. On 5 May 2025 I ordered that the stay continue until 30 June 2025 or the date on which the Chinese Court gives judgment, whichever is earlier, and that the stay be thereupon lifted.
7. The result of my 5 May 2025 judgment is that Gosford's motion has, in effect, been disposed of.
8. I am now dealing with the costs of Gosford's motion.
9. In one sense, Gosford has ultimately succeeded in that, whatever the Chinese Court may decide, the stay will be lifted no later than 30 June 2025.
10. However, Gosford was unsuccessful in relation to the hearing leading to my judgment of 15 October 2024 and did not, during its most recent attempt to reagitate the question of lifting the stay, obtain the relief it then sought: an immediate lifting of the stay.
11. Indeed, I did not accept Gosford's principal submission in favour of taking that course. [5]
*Rest of the document can be viewed at: (https://www.caselaw.nsw.gov.au/decision/1971fe453cbb9fdb9f2c2326)
Disclaimer: Curated by HT Syndication.
