Griffin Energy Group Pty Limited (Subject to Deed of Company Arrangement) v ICICI Bank Limited [2015] NSWCA 29

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Griffin Energy Group Pty Limited (Subject to Deed of Company Arrangement) v ICICI Bank Limited [2015] NSWCA 29 Hearing dates: 24 February 2015 Decision date: 27 February 2015 Before: Ward JA, Leeming JA, Sackville AJA Decision: 1 Appeal dismissed. 2 The appellants pay the respondents' costs of the appeal. 3 Cross-appeal dismissed. 4 The cross-appellant pay the cross-respondents' costs of the cross-appeal. Catchwords: BANKING – Standby letters of credit – whether claimed amounts are "due and payable" – whether letters of credit expire before beneficiary is entitled to present draft – whether definition of "Business Day" satisfied Legislation Cited: Public and Bank Holiday Act 1972 (WA) Cases Cited: Clyne v Deputy Commissioner of Taxation [1981] HCA 40; 150 CLR 1 Electricity Corporation v Woodside Energy Ltd [2014] HCA 7; 251 CLR 640 Griffin Energy Group Pty Ltd (Subject to Deed of Company Arrangements) v ICICI Bank Ltd (Singapore Branch) [2015] NSWSC 87 Kelly v R [2004] HCA 12; 218 CLR 216 Mack v Commissioner of Stamp Duties (New South Wales) [1920] HCA 76; 28 CLR 373 Mardorf Peach & Co Ltd v Attica Sea Carriers Corporation of Liberia [1977] AC 850 North Western Shipping & Towage Co Pty Ltd v Commonwealth Bank of Australia (1993) 118 ALR 453 Tovir Investments Pty Ltd v Waverley Council [2014] NSWCA 379 Wood Hall Ltd v The Pipeline Authority [1979] HCA 21; 141 CLR 433 Texts Cited: M Brindle and R Cox (eds), Law of Banking Payments (3rd ed 2004, Sweet & Maxwell) S McCracken and A Everett, Everett and McCracken's Banking and Financial Institutions Law (7th ed, 2009, Lawbook Co) Category: Principal judgment Parties: Griffin Energy Group Pty Limited (Subject to Deed of Company Arrangement) (First Appellant) Carpenter Mine Management Holdings Pty Limited (Subject to Deed of Company Arrangement) (Second Appellant) ICICI Bank Limited (Singapore Branch) (First Respondent) Standard Chartered Bank (Second Respondent) National Australia Bank Limited (Third Respondent) Lanco Resources Australia Pty Ltd (Fourth Respondent) Lanco International Pte Ltd (Fifth Respondent) Lanco Infratech Limited (Sixth Respondent) Representation: Counsel: NC Hutley SC / JC Giles (Appellants) NJ Young QC / J Williams (First Respondent) IR Pike SC (Second Respondent) AC Archibald QC / MA Izzo (Fourth, Fifth and Sixth Respondents)