18 May 2023
NUOXI CAPITAL LTD (IN LIQUIDATION IN THE BRITISH VIRGIN ISLANDS) v. PEKING UNIVERSITY FOUNDER GROUP CO LTD
- Citation
- [2023] HKCFI 1350
- Court
- Court of First Instance
- Case number
- HCA778/2021
On construction the Keepwell Deeds and EIPUs create substantive obligations by the Company to procure Issuers/Guarantors’ liquidity and to take specified steps on Trustee notice; clause 2.2 (regulatory approvals) qualifies performance and operates as a defence if the Company proves despite using best efforts approvals could not be obtained; the Company failed to prove it used best efforts and took no steps to obtain approvals; notice by Issuers was not a prerequisite to the Company’s obligations; the Hong Kong judgment would be of utility in PRC reorganisation; on the facts the Company breach…