10 May 2024
NUOXI CAPITAL LTD (IN LIQUIDATION IN THE BRITISH VIRGIN ISLANDS) v. PEKING UNIVERSITY FOUNDER GROUP COMPANY LTD
- Citation
- [2024] HKCA 445
- Court
- Court of Appeal
- Case number
- CACV184/2023
The Court of Appeal held that the judge erred in dismissing the three claims in HCA 778/2021, HCA 1418/2021 and HCA 1442/2021; clause 2.2 is a defence/qualification requiring PUFG to prove inability to obtain approvals, not a condition precedent destroying liability; the Administrator is not an 'Approval Authority' under the deeds; alternative modes of performance were not conclusively excluded on the evidence; accordingly declarations were granted that PUFG breached the relevant Keepwell Deeds on 16 April 2020 and became liable for specified US dollar sums.