Re Nusantara Resources Ltd

Case [2021] WASC 334


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:

  1. 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…

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

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

Orders of the court

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Background

Background to the litigation

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Evidence

Evidence Before The Court

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Decision

Reasons for decision

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Ratio Decidendi

Legal Principle Established

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