30 Oct 2012
PONY HK WORLD LTD v. VAND PETRO CHEMICALS (BVI) CO LTD AND ANOTHER
- Citation
- PONY HK WORLD LTD v. VAND PETRO CHEMICALS (BVI) CO LTD AND ANOTHER
- Court
- Court of Appeal
- Case number
- CACV270/2011
The appeal was dismissed. The court held that clause 6.2A(ii) was properly construed as the parties having agreed that NDRC approval was necessary; Vand breached that covenant and its continuing omission to take prompt steps (manifested by dilatoriness by June 2009) amounted to a triggering event within clause 6.2D(2) within the 30 business day window; the Put Option Notice complied with the bespoke requirements of clauses 6.2C–E and clause 8.3 did not apply; therefore Pony validly exercised the put option and the judgment below was upheld.