Oz court reins in Lanco

In a major setback for the infrastructure Lanco Infratech, the Supreme Court of Western Australia has requested the company to serve prior notice Perdaman Chemicals & Fertilizers before raising any additional funds by pledging the assets Griffin.

Interestingly, the Court has recognized Perdaman petition, which was pooh-poohed by the Lanco otherwise.

Perdaman had raised $ 3000000000 lawsuit against the disruption of coal supplies to its upcoming Lanco urea plant in Western Australia under an agreement signed 2008th

Adding strength Perdaman petition, the Supreme Court also said that the allegations of the statement "clearly arguable".

The European Court of Justice in the adoption petition Perdaman Lanco seeks injunction on a plan to raise about $ 800 million guarantee Griffin coal assets.

Lanco Griffin Coal Mine was acquired by paying about $ 760 million.

The company has developed a plan to ensure fuel supplies to its large thermal power plants to Australian assets.

But Perdaman, an Australian company founded by the operator of Indian origin in the Lanco case for breach of contract and claimed damages to the tune of $ 3 billion. Lanco is a complex case and last month Perdaman Griffin dead in the application fee or security without getting a notice that the lower court was in Australia. The sufferer, in order, Perdaman approached the Supreme Court there.

As per the agreement, and Perdaman Griffin, Griffin was equipped with about 2800000 tons of coal a year to Perdaman's 2 mt of urea plant. However, after taking over the management of Griffin, Lanco coal supply agreement was terminated in August this year.

Although the leadership of great Perdaman to ask the Supreme Court put it on notice to Lanco to pledge its assets, Lanco has put a brave face again.

"Although we are able to take available remedies, we may choose not to pursue this matter any further, because that only leads Perdaman have 10 days notice of the creation of security, which is similar to the undertaking we have before," Lanco said.

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