Awendale Resources Incorporated v Pyxis Capital Management Ltd

Awendale Resources Incorporated v Pyxis Capital Management Ltd

The English Claim and the Cypriot Derivative Claim involve the same cause of action between the same parties, and the Cypriot court was first seised. Although Pyxis's application for a stay was out of time under CPR Part 11(4), the court exercised its discretion to extend time due to the risk of irreconcilable...

Source-derived case information.

Parties
Claimant: Awendale Resources Incorporated; Defendant: Pyxis Capital Management Limited
Jurisdiction
England and Wales
Judgment Date
22 May 2020
Procedural Posture
Civil (commercial/contract) / Interlocutory Application for Stay of Proceedings Under Article 29 of Regulation (ec) No. 1215/2012
Outcome
Stay granted (English proceedings stayed)
Legal Topics
Lis Pendens, Jurisdiction Clauses, Derivative Actions, Extension of Time, Stay of Proceedings
Civil Procedure Private International Law Commercial Law Lis Pendens Jurisdiction Clauses Derivative Actions Extension of Time Stay of Proceedings

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Parties

Awendale Resources Incorporated

Claimant

Pyxis Capital Management Limited

Defendant

Procedural Posture

Civil (commercial/contract) / Interlocutory Application for Stay of Proceedings Under Article 29 of Regulation (ec) No. 1215/2012

Legal Issues

  1. 1 Whether the English Claim and the Cypriot Derivative Claim involve the same cause of action and are between the same parties for purposes of Article 29 of Regulation (EC) No. 1215/2012
  2. 2 Whether the Cypriot court was first seised
  3. 3 Whether Article 29 applies despite the jurisdiction clause in the Loan Agreements

Ratio Decidendi

The English Claim and the Cypriot Derivative Claim involve the same cause of action between the same parties, and the Cypriot court was first seised. Although Pyxis's application for a stay was out of time under CPR Part 11(4), the court exercised its discretion to extend time due to the risk of irreconcilable judgments between Member States. Accordingly, the English proceedings are stayed under Article 29, subject to terms regarding the progress of the Cypriot proceedings.

Court Disposition

Stay granted (English proceedings stayed)

Orders

  • Stay of the English Claim under Article 29 of Regulation (EC) No. 1215/2012, subject to terms to be agreed or determined by the court, including an undertaking by Pyxis to consent to lifting the stay if the Cypriot Derivative Claim is struck out or not prosecuted.
  • Permission for Awendale to apply to set aside the stay if Infinitum fails to prosecute the Cypriot Derivative Claim.