Shinetec (Australia) Pty Ltd v The Gosford Pty Ltd; The Gosford Pty Ltd v Bank of China Ltd (No 5) [2024] NSWSC 1287

Supreme Court New South Wales

Medium Neutral Citation: Shinetec (Australia) Pty Ltd v The Gosford Pty Ltd; The Gosford Pty Ltd v Bank of China Ltd (No 5) [2024] NSWSC 1287 Hearing dates: 2 October 2024 Date of orders: 15 October 2024 Decision date: 15 October 2024 Jurisdiction: Equity - Commercial List Before: Stevenson J Decision: Application to lift the stay made on 14 December 2023 refused; proceedings stood over to 7 February 2025 in order that the question of continuation of the stay can be further considered Catchwords: PRIVATE INTERNATIONAL LAW – orders with extraterritorial effect – where judgment entered in this Court that cross-defendant bank pay cross-claimant $37 million under letter of credit issued by cross-defendant in the People's Republic of China – where cross-defendant enjoined by order of Court in the PRC from making payment under letter of credit – where judgment in this Court stayed until further order pending the cross-defendant drawing this Court's judgment to attention of PRC Court – where plaintiff's appeal challenging this Court's decision that cross-claimant entitled to call on letter of credit has been dismissed – where those matters have been drawn to attention of Chinese Court – where proceedings in Chinese Court fixed for final hearing in December 2024 – whether stay in this Court should be lifted – whether comity requires that the stay should continue until a reasonable time after the scheduled hearing in the Chinese Court Cases Cited: AES-3C Maritza East 1 EOOD v Credit Agricole Corporate and Investment Bank [2011] EWHC 123 Carron Iron Company v Maclaren (1855) 5 HL Cas 416; 10 ER 961 CSR Ltd v Cigna Insurance Australia Ltd (1997) 189 CLR 345; [1997] HCA 33 Hub Street Equipment Pty Ltd v Energy City Qatar Holding Company (2021) 290 FCR 298; [2021] FCAFC 110 Power Curber International Ltd v National Bank of Kuwait SAK (1981) 1 WLR 1233; [1981] 3 All ER 607 Ralli Brothers v Compania Naviera Sota v Aznar [1920] 2 KB 287 Shinetec (Australia) Pty Ltd v The Gosford Pty Ltd [2024] NSWCA 174 Shinetec (Australia) Pty Ltd v The Gosford Pty Ltd; The Gosford Pty Ltd v Bank of China Ltd [2022] NSWSC 59 Shinetec (Australia) Pty Ltd v The Gosford Pty Ltd; The Gosford Pty Ltd v Bank of China Ltd (No 2) [2023] NSWSC 1405 Shinetec (Australia) Pty Ltd v The Gosford Pty Ltd; The Gosford Pty Ltd v Bank of China Ltd (No 3) [2023] NSWSC 1596 Taurus Petroleum Limited v State of Oil Marketing Co. of the Ministry of Oil, Republic of Iraq [2018] AC 680 Texts Cited: J Odgers KC and I Wilson KC, Paget's Law of Banking (16th ed, 2023, LexisNexis) Category: Consequential orders Parties: Shinetec (Australia) Pty Ltd (Plaintiff) The Gosford Pty Ltd (First Defendant/Cross-Claimant/Applicant) David Anthony Hurst (Second Defendant/Applicant) David Anthony Sampson (Third Defendant/Applicant) Bank of China, Sydney (Fourth Defendant/Cross-Defendant/Respondent) Macquarie Bank Limited (Fifth Defendant) Representation: Counsel: F Assaf SC / M A Karam / A Berriman (Plaintiff) P S Braham SC / D Farinha (First Defendant/Cross-Claimant, Second and Third Defendants/Applicants) J B Kay Hoyle SC (Fourth Defendant/Cross-Defendant/Respondent)