In the matter of Balamara Resources Ltd [2023] NSWSC 1349

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Balamara Resources Ltd [2023] NSWSC 1349 Hearing dates: 2 November 2023 Date of orders: 2 November 2023 Decision date: 02 November 2023 Jurisdiction: Equity - Corporations List Before: Black J Decision: Interlocutory injunction restraining conversion of debt to equity not granted; ancillary orders made regarding notice of meetings and documents to be provided to a director and the plaintiff. Catchwords: EQUITY — Equitable remedies — Interlocutory injunctions — Where plaintiff seeks to restrain defendants' conversion of debt to equity under a loan agreement and convertible notes — Whether balance of convenience favours an interlocutory injunction being granted to restrain conversion of debt to equity. Legislation Cited: - Corporations Act 2001 (Cth), ss 232-233 Cases Cited: - Australian Broadcasting Corporation v O'Neill (2006) 227 CLR 57 - Chimaera Capital Ltd v Pharmaust Ltd (2007) 64 ACSR 332 Category: Procedural rulings Parties: Vulpes Distressed Fund (Cayman Island Company No. 330197) (Plaintiff) Balamara Resources Ltd (First Defendant) Derek Lenartowicz (Second Defendant) Michael Anthony Hale (Third Defendant) Jonathan Kwok Hung Leung (Fourth Defendant) Bright Agile Limited (Fifth Defendant) Representation: Counsel: D Williams SC/A Macauley (Plaintiff) P Braham SC/Z Graus (First Defendant) J Hynes (Fourth and Fifth Defendant)