Noda Development Ltd v H & H Funding Pty Ltd [2023] NSWSC 305

Supreme Court New South Wales

Medium Neutral Citation: Noda Development Ltd v H & H Funding Pty Ltd [2023] NSWSC 305 Hearing dates: 27 March 2023 Date of orders: 31 March 2023 Decision date: 31 March 2023 Jurisdiction: Equity - Commercial List Before: Darke J Decision: Plaintiff lender entitled to recover outstanding loan amount from both borrower and guarantor. Catchwords: CONTRACTS – loan agreement – where the plaintiff advanced funds to the first defendant – where the first defendant defaulted on its repayment obligations – where the second defendant provided a guarantee in respect of the ultimate balance owing under the loan agreement – action to recover amount owing and enforce guarantee – estoppel – where the defendants alleged that an oral agreement was reached between the parties whereby the plaintiff agreed not to enforce its rights until sales of real property were settled – existence of oral agreement not established – not shown that defendants acted to their detriment in reliance upon what was said – held that the plaintiff is not precluded from enforcing its rights against the defendants Legislation Cited: Corporations Act 2001 (Cth), s 500(2) Category: Principal judgment Parties: Noda Development Ltd (Plaintiff) H & H Funding Pty Ltd (First Defendant) Rui Hu (Second Defendant) Representation: Counsel: Ms J Mee (Plaintiff)

Solicitors: Miracle Legal (Plaintiff) Connor & Co Lawyers (First Defendant) File Number(s): 2020/310574 Publication restriction: None

Judgment