Shandong Delisi Food Co Ltd v Yolarno Pty Ltd [2022] NSWSC 17

Supreme Court New South Wales

Medium Neutral Citation: Shandong Delisi Food Co Ltd v Yolarno Pty Ltd [2022] NSWSC 17 Hearing dates: 6, 7 December 2021 Date of orders: 17 January 2022 Decision date: 17 January 2022 Jurisdiction: Equity - Commercial List Before: Parker J Decision: See [132]-[135] Catchwords: CONTRACTS – construction – interpretation – contract for the acquisition of a 45% shareholding in the defendant – plaintiff made an advance payment of $6 million pursuant to the contract – contract required delivery of an audited set of accounts by a specified date – parties under joint obligation to work in good faith to procure the delivery of the audited accounts – accounts not provided in time – purported termination by the plaintiff – claim for repayment of the advanced payment – validity of the plaintiff's notice of termination – whether the plaintiff complied with its obligation to act in good faith Cases Cited: Antaios Cia Naviera SA v Salen Rederierna AB [1985] AC 191 Australian Broadcasting Commission v Australasian Performing Right Association Ltd (1973) 129 CLR 99 City of Gosford v Marim Pty Ltd (1990) 6 BPR 13,871 Cordon Investments Pty Ltd v Lesdor Properties Pty Ltd [2012] NSWCA 184 Electricity Generation Corporation v Woodside Energy Ltd (2014) 251 CLR 640 Jones v Dunkel (1959) 101 CLR 298 Mannai Investment Co Ltd v Eagle Star Life Assurance Co Ltd [1997] AC 749 Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104 Nina's Bar Bistro v MBE Corporation [1984] 3 NSWLR 613 Plumor Pty Ltd v Handley (1996) 41 NSWLR 30 Secured Income Real Estate (Australia) Ltd v St Martins Investments Pty Ltd (1979) 144 CLR 596 Texts Cited: Carter, J W, Contract Law in Australia (7th ed, 2018, LexisNexis Butterworths) Category: Principal judgment Parties: Shandong Delisi Food Co Limited (Plaintiff) Yolarno Pty Limited (Defendant) Representation: Counsel: JC Giles SC/S H Hartford Davis/C Marshall (Plaintiff) S Nixon SC/H Atkin (Defendant)