Griffin Energy Group Pty Limited (Subject to Deed of Company Arrangements) -v- ICICI Bank Limited (Singapore Branch) [2015] NSWSC 87

Supreme Court New South Wales

Medium Neutral Citation: Griffin Energy Group Pty Limited (Subject to Deed of Company Arrangements) -v- ICICI Bank Limited (Singapore Branch) [2015] NSWSC 87 Hearing dates: 3 & 4 February 2015 Decision date: 20 February 2015 Jurisdiction: Equity Division - Commercial List Before: Hammerschlag J Decision: Summons dismissed. Cross-summons dismissed. Catchwords: BANKING – Standby Letters of Credit - International Chamber of Commerce Publication Number 590 - International Standby Practices (ISP98) – proper construction of rules 1.09 and 3.13 which provide for extension of date for timely presentation where the last day for presentation is not a business day of the issuer or nominated person – where the letters of credit contain a further definition of business day – which definition applies to extension of date – meaning of the expression banks open for general business in Singapore and Australia – where letters of credit require declaration that amount is due and payable and delivery of drafts – whether drafts can be dated on a date later than delivery – meaning of due and payable – construction of underlying agreement – determination of whether amount is due and payable Legislation Cited: Public and Bank Holiday Act 1972 (WA) Cases Cited: Mack v the Commissioner of Stamp Duties (New South Wales) (1920) 28 CLR 373 Electricity Generation Corporation v Woodside Energy Limited (2014) 251 CLR 640 Wood Hall Limited v The Pipeline Authority (1979) 141 CLR 443 Texts Cited: Rodney Purvis and Robert Darvas, The Law and Practice of Commercial Letters of Credit and Termination of Disputes in International Trade, (1975, Butterworths) at 2.24. Category: Principal judgment Parties: Griffin Energy Group Pty Limited (Subject to Deed of Company Arrangements) - Plaintiff ICICI Bank Limited (Singapore Branch) - First Defendant Standard Chartered Bank - Second Defendant National Australia Bank Limited - Third Defendant Lanco Resources Australia Limited - Fourth Defendant Representation: Counsel: N.C. Hutley SC (day 1) with J Giles - Plaintiff N.J. Young QC (day 1) with J. Williams - First Defendant J. Lockhart SC - Second Defendant A.S. Bell SC (day 1) with M. Izzo - Fourth Defendant