Military Road No 158 Pty Limited v Lion Pacific Projects (Neutral Bay) Pty Limited (Controller Appointed) (In liq) [2013] NSWSC 1545

Supreme Court New South Wales

Medium Neutral Citation: Military Road No 158 Pty Limited v Lion Pacific Projects (Neutral Bay) Pty Limited (Controller Appointed) (In liq) [2013] NSWSC 1545 Hearing dates: 17 and 18 October 2013 Decision date: 18 October 2013 Jurisdiction: Equity Division - Duty List Before: Rein J Decision: Injunction preventing the third defendant selling the properties refused. Orders the second plaintiff to withdraw the caveat on the properties with leave to lodge a caveat in the same terms immediately following completion of the sale. Catchwords: EQUITY - application for an injunction to prevent the third defendant exercising its rights to sell the properties as mortgagee in possession on the basis that the second plaintiff's equitable interest, arising out of a call option entered into with the first and second defendants, will not be adequately protected if the properties are sold - offer by the purchaser to the caveator of call option in almost identical terms Legislation Cited: Real Property Act 1990 (NSW) Cases Cited: Hanson Construction Materials v Vimwise Civil Engineering (2005) 12 BPR 23, 355 Schibaia v Elias [2013] NSWSC 1485 Tattley v Wagstaff [1924] NZLR 813 Category: Interlocutory applications Parties: Military Road No. 158 Pty Limited (first plaintiff/ cross defendant) Military Road 158P Pty Limited (second plaintiff) Lion Pacific Projects (Neutral Bay) Pty Limited (Controller appointed) (in liq) (first defendant) Neutral Bay Project Pty Limited (Controller appointed) (in liquidation) (second defendant) ING Bank (Australia) Limited (third defendant/ cross claimant) Representation: Counsel: B. Nolan and A. Fernon (first and second plaintiff) A. Kaufmann (third defendant) Solicitors: Yates Beaggi Lawyers (first and second plaintiff) Gadens Lawyers Sydney Pty Limited (third defendant) File Number(s): 2013/287197