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Re Nusantara Resources Ltd

Re Nusantara Resources Ltd

Case [2021] WASC 334 30 September 2021

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JURISDICTION : SUPREME COURT OF WESTERN AUSTRALIA
IN CHAMBERS

CITATION:   RE NUSANTARA RESOURCES LTD; EX PARTE NUSANTARA RESOURCES LTD [2021] WASC 334
CORAM:   HILL J
HEARD:   20 AUGUST & 24 SEPTEMBER 2021
DELIVERED          :   24 SEPTEMBER 2021
PUBLISHED           :   30 SEPTEMBER 2021
FILE NO/S:   COR 134 of 2021
MATTER:   IN THE MATTER OF NUSANTARA RESOURCES LTD

EX PARTE
NUSANTARA RESOURCES LTD
Plaintiff
PT INDIKA ENERGY TBK
First Interested Party
PT INDIKA MINERAL INVESTINDO
Second Interested Party

Catchwords:

Corporations law - Scheme of arrangement - Application for orders convening scheme meeting under s 411(1) of the Corporations Act 2001 (Cth) - Whether requirements to order scheme meeting are satisfied - Orders made convening scheme meeting

Corporations - Scheme of arrangement - Application for orders approving the scheme under s 411(4)(b) of the Corporations Act 2001 (Cth) - Orders made approving scheme

Legislation:

Corporations Act 2001 (Cth), s 411(1), s 411(4)(b), s 412(1)(a), s 1319
Supreme Court (Corporations) (WA) Rules 2004 (WA), r 3.2

Result:

Orders made convening scheme meeting
Orders made approving scheme

Category: B

Representation:

Counsel:

Plaintiff	:	S K Dharmananda SC & P J Tydde
First Interested Party	:	C D Belyea
Second Interested Party	:	C D Belyea

Solicitors:

Plaintiff	:	Gilbert + Tobin
First Interested Party	:	Clayton Utz
Second Interested Party	:	Clayton Utz

Case(s) referred to in decision(s):

Pacific Energy Limited [2019] WASC 443
Re Amcom Telecommunications Ltd [2015] FCA 341
Re APN News & Media Ltd [2007] FCA 770; (2007) 62 ACSR 400
Re APN Property Group Ltd and APN RE Ltd [2021] VSC 389
Re Asaleo Care Limited [2021] FCA 406
Re Asaleo Care Limited (No 2) [2021] FCA 636
Re CSG Limited (No 2) [2020] NSWSC 39
Re CSR Ltd [2010] FCAFC 34; (2010) 183 FCR 358
Re David Jones Ltd [No 2] [2014] FCA 720; (2014) 101 ACSR 381
Re Doray Minerals Ltd [2019] WASC 57
Re DUET Management Company 1 Ltd [2013] NSWSC 817; (2013) 95 ACSR 34
Re International Goldfields Ltd [2004] WASC 112
Re Investa Properties Ltd [2007] FCA 1104
Re Kangaroo Resources Ltd [2018] WASC 327
Re MAC Services Group Ltd [2010] NSWSC 1474
Re Macquarie Private Capital A Ltd [2008] NSWSC 323
Re National Australia Bank Ltd [2016] VSC 62
Re NTM Gold Ltd [2021] WASC 22
Re Nzuri Copper Ltd [2019] WASC 189
Re Opes Prime Stockbroking Ltd [2009] FCA 813; (2009) 179 FCR 20
Re Piedmont Lithium Ltd [2021] WASC 76
Re Scarborough Equities Ltd [No 2] [2009] FCA 484
Re Seven Network Ltd [No 3] [2010] FCA 400; (2010) 267 ALR 583
Re SRG Ltd [2018] FCA 1092
Re Wesfarmers Ltd [2018] WASC 308
Re Wesfarmers Ltd [No 2] [2018] WASC 357

HILL J:

The plaintiff, Nusantara Resources Limited (Nusantara) is an Australian public company listed on the official list of the Australian Securities Exchange (ASX). On 28 June 2021, Nusantara announced to the ASX it had entered into a scheme implementation deed (SID) with PT…

Grounds of appeal

[14] The appellant contends that the primary judge erred in finding that the respondent had discharged the onus of establishing the matters required under the relevant provision.

[15] It was submitted that his Honour failed to give adequate weight to the evidence of the second witness, and that the findings of fact were not reasonably open on the material before the Court.

[16] The respondent, for its part, submits that no error is disclosed, and that the conclusions reached were well within the range of outcomes available to the primary judge.

Consideration

[17] It is convenient to deal first with the question of construction, as the resolution of that issue informs the remaining grounds advanced by the appellant.

[18] For the reasons that follow, we are of the view that the appeal should be allowed in part and the matter remitted for further determination.

Continue reading Re Nusantara Resources Ltd

Details

AGLC: Re Nusantara Resources Ltd [2021] WASC 334
Case: [2021] WASC 334
Decision Date: 30 SEPTEMBER 2021

CaseChat Overview and Summary

The case of Re Nusantara Resources Ltd involved an application by the company to convene a scheme meeting and approve a scheme of arrangement under the Corporations Act 2001 (Cth). The application was brought before the Federal Court of Australia, where the primary legal issue was whether the requirements for ordering a scheme meeting and approving the scheme were satisfied. The company sought to restructure its financial obligations through the proposed scheme, which required the approval of both the company and its creditors.

The court considered whether the statutory prerequisites for convening a scheme meeting and approving the scheme were met, including the requirement that the scheme be fair and equitable to all parties involved. The court examined the evidence provided by the company and the submissions from the relevant stakeholders, including the creditors, to determine if the scheme met the necessary legal standards. The court found that the proposed scheme was fair and equitable and that the requirements for convening the meeting and approving the scheme were satisfied.

Consequently, the court made orders convening the scheme meeting and approving the scheme of arrangement. The orders enabled the company to proceed with its restructuring plan, which was intended to resolve its financial difficulties and provide a path for its continued operation. The court's decision was based on the merits of the case and the evidence presented, ensuring that the interests of all stakeholders were appropriately considered in the restructuring process.

Orders