GPG Fortitude Valley v Thakral Capital Australia [2018] NSWSC 1196

Supreme Court New South Wales

Medium Neutral Citation: GPG Fortitude Valley v Thakral Capital Australia [2018] NSWSC 1196 Hearing dates: 23/07/2018 and 24/07/2018 Date of orders: 03 August 2018 Decision date: 03 August 2018 Jurisdiction: Equity - Commercial List Before: McDougall J Decision: Plaintiffs entitled to declaratory relief; see at [58]. Catchwords: CONTRACT – interpretation of note deed and associated documents – whether Event of Default occurred – where defendants contend that plaintiffs breached negative pledges contained in the note deed – unnecessary to resolve question of construction and breach – even if plaintiffs breached negative pledges, no evidence that that breach had any material and adverse effect – no Event of Default – plaintiffs entitled to consequential declaratory relief. Legislation Cited: Evidence Act 1995 (NSW) Cases Cited: Electricity Generation Corporation t/as Verve Energy v Woodside Energy Ltd (2014) 251 CLR 640 Franklins Pty Ltd v Metcash Trading Ltd (2009) 76 NSWLR 603 Minumbra Lancewood Pty Ltd v AM Lancewood Investment Nominees Pty Ltd [2013] NSWSC 1929. Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104 Category: Principal judgment Parties: GPG Fortitude Valley Issuer Pty Ltd (First Plaintiff) GPG Fortitude Valley Pty Ltd (Second Plaintiff) 237 Barry Parade Pty Ltd (Third Plaintiff) Thakral Capital Australia Pty Ltd (First Defendant) TCAP Investments Limited (Second Defendant) Diversity Capital Limited (Third Defendant) Thakral Capital Investments Limited (Fourth Defendant) Representation: Counsel: G D Dalton QC / D R Sulan (Plaintiffs) T J F McEvoy QC / B L Hutchins (Defendants)