NANDRO INVESTMENT LIMITED v WIRI HOLDINGS LIMITED [2018] NZHC 2653

NANDRO INVESTMENT LIMITED v WIRI HOLDINGS LIMITED [2018] NZHC 2653

The court maintained and supplemented interim orders because a mortgagee sale was imminent and the only practicable urgent remedy to avoid enforcement was to order specific performance of the sale of 27 and 27A Puhinui Road to the plaintiffs subject to without prejudice protection; sale proceeds were to be applied first to mortgage repayment and held in trust pending substantive resolution, and interim occupancy by the third defendant was permitted to mitigate personal hardship.

Citation
[2018] NZHC 2653
Parties
First Plaintiff: NANDRO INVESTMENT LIMITED; Second Plaintiffs: DEO SHARAN SINGH and KUSHMANGARAN NAIR as trustees of the NANDRO TRUST; Third Plaintiff: DEO SHARAN SINGH; First Defendant: WIRI HOLDINGS LIMITED; Second Defendant: NINE INVESTMENTS LIMITED; Third Defendant: MADHU RESHMI SAHAY
Court
High Court
Jurisdiction
New Zealand
Judgment Date
12 October 2018
Procedural Posture
Interim Injunction Application in Civil Property/trust Dispute / Interim Injunction Hearing and Urgent Interlocutory Orders (post Hearing Orders Issued 2 October 2018)
Outcome
Interim orders maintained and additional urgent orders made to effect sale of 27 and 27A Puhinui Road to plaintiffs, protect mortgagee interests and hold net proceeds in trust pending final determination.
Legal Topics
Interim Injunction, Mortgagee Sale, Specific Performance, Sale and Purchase, Occupancy Pending Litigation, Priority Fixture
Property Equity Injunctions Trusts Civil Procedure Interim Injunction Mortgagee Sale Specific Performance +3 more

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Parties

NANDRO INVESTMENT LIMITED

First Plaintiff

DEO SHARAN SINGH and KUSHMANGARAN NAIR as trustees of the NANDRO TRUST

Second Plaintiffs

DEO SHARAN SINGH

Third Plaintiff

WIRI HOLDINGS LIMITED

First Defendant

NINE INVESTMENTS LIMITED

Second Defendant

MADHU RESHMI SAHAY

Third Defendant

Procedural Posture

Interim Injunction Application in Civil Property/trust Dispute / Interim Injunction Hearing and Urgent Interlocutory Orders (post Hearing Orders Issued 2 October 2018)

Legal Issues

  1. 1 Whether interim mandatory relief including specific performance should be granted to prevent imminent mortgagee sales
  2. 2 Which interim steps best preserve the status quo and protect parties pending substantive determination of ownership and other claims
  3. 3 Allocation and protection of sale proceeds to address mortgage arrears while preserving parties' substantive rights

Ratio Decidendi

The court maintained and supplemented interim orders because a mortgagee sale was imminent and the only practicable urgent remedy to avoid enforcement was to order specific performance of the sale of 27 and 27A Puhinui Road to the plaintiffs subject to without prejudice protection; sale proceeds were to be applied first to mortgage repayment and held in trust pending substantive resolution, and interim occupancy by the third defendant was permitted to mitigate personal hardship.

Court Disposition

Interim orders maintained and additional urgent orders made to effect sale of 27 and 27A Puhinui Road to plaintiffs, protect mortgagee interests and hold net proceeds in trust pending final determination.

Orders

  • The third defendant immediately on behalf of the first defendant execute the sale and purchase agreement for 27A Puhinui Road (identifier 750430) and 27 Puhinui Road (identifier 750429).
  • The first defendant assign to the purchaser at settlement all its right, title and interest in all plans, warranties and consents.