15 Apr 2008
GTF HOLDINGS LIMITED V GURMAIL BAHADUR SINGH & ANOR HC AK CIV 2007-404-7013
- Citation
- openlaw-d7e9e0ec_b9cd_4424_8563_503e84f9a2a8.pdf
- Court
- High Court
The court held GTF was not entitled to the arrangement fee because the offer obtained produced materially less net working capital than the contractual requirement of approximately $0.75m (a $76,000 shortfall) and the Cressida Capital offer was subject to unfulfilled conditions precedent such that the lender could not be regarded as willing and capable of providing funding; accordingly the caveat could not be sustained and must lapse.