10 May 2024
HONGKONG JHC CO LTD (IN LIQUIDATION) v. PEKING UNIVERSITY FOUNDER GROUP COMPANY LTD
- Citation
- [2024] HKCA 445
- Court
- Court of Appeal
- Case number
- CACV185/2023
The Court of Appeal held that the Keepwell Deeds created substantive contractual obligations which PUFG breached in relation to the Nuoxi and Kunzhi series of bonds around 16 April 2020; clause 2.2 is an escape/defence to be proven by PUFG (best‑efforts burden) rather than an automatic condition precedent; the Administrator is not an 'Approval Authority' for the purposes of clause 2.2; alternative modes of performance were legitimately pleaded and raised and PUFG failed to prove regulatory impossibility for pre‑19 April 2020 performance; the plaintiffs were entitled to declaratory relief quan…