In the matter of Wollongong Coal Limited and Jindal Steel & Coal Australia Pty Ltd [2020] NSWSC 73

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Wollongong Coal Limited and Jindal Steel & Coal Australia Pty Ltd [2020] NSWSC 73 Hearing dates: 11 and 12 February 2020 Date of orders: 14 February 2020 Decision date: 14 February 2020 Jurisdiction: Equity - Corporations List Before: Gleeson J Decision: Schemes approved Catchwords: CORPORATIONS – schemes of arrangement – creditors schemes – second court hearing – approval under Corporations Act 2001 (Cth) s 411(4)(b) – where schemes involve restructure of secured lending facilities – where governing law of one facility changed shortly prior to creditors vote – use of conditions subsequent in complex restructuring arrangements – where one scheme objected to by two shareholders – whether guarantees given by scheme company contravene Corporations Act s 208 – schemes approved Legislation Cited: Corporations Act 2001 (Cth), ss 208, 209, 210, 211, 212, 213, 214, 215, 216 Supreme Court (Corporations) Rules 1999 (NSW), rr 1.10, 3.4 Cases Cited: Antony Gibbs & Sons v L'Societe Industrielle et Commerciale des Metaux (1890) LR 25 QBD 399 Central Pacific Minerals NL (2002) FCA 239 Centro Properties Ltd v PricewaterhouseCoopers [2011] NSWSC 1465; (2011) 86 ACSR 584 In the matter of BIS Finance Pty Limited; In the matter of Artsonig Pty Limited [2017] NSWSC 1713 In the matter of OJSC International Bank of Azerbaijan [2018] EWHC 59 (Ch) Leawell Pty Ltd as trustee for the Garton Smith Trust, In the matter of Watershed Premium Wines Ltd v Watershed Premium Wines Ltd [2009] FCA 26 POS Media v B Family [2003] NSWSC 147 Re APCOA Parking Holdings GmbH (No 2) [2014] EWHC 3849 (Ch) Re Bluebrook Ltd [2009] EWHC 2114 (Ch); [2010] 1 BCLC 338 Re Boart Longyear Ltd (No 2) [2017] NSWSC 1105; (2017) 122 ACSR 437 Re Buka Minerals NL (1983) 8 ACLR 507 Re Bulong Nickel Pty Ltd [2002] WASC 226; (2002) 26 WAR 466 Re Glencore Nickel Pty Ltd [2003] WASC 18; (2003) 44 ACSR 210 Re Glendale Land Development Ltd (in liq) [1982] 2 NSWLR 563 Re Independent Practitioner Network [2008] FCA 1593; (2008) 26 ACLC 1,249 Re NRMA Limited [2000] NSWSC 82; (2000) 33 ACSR 595 Re Permanent Trustee Co Ltd [2002] NSWSC 1177; (2002) 43 ACSR 601 Re Seven Network Limited (No 3) (2010) 77 ACSR 701 Re Transcomm Credit Co-operative Ltd [2016] VSC 835 Category: Principal judgment Parties: Wollongong Coal Ltd (First plaintiff) Jindal Steel & Power (Australia) Pty Limited (Second plaintiff) NRE Resources Pty Ltd / Gujarat NRE India Pty Ltd (Interested persons) Representation: Counsel: C R C Newlinds SC / R J May (Plaintiffs) B J Gillard (Solicitor) (Interested persons)