Termico (Pty) Ltd v SPX Technologies (Pty) Ltd & others; SPX Technologies (Pty) Ltd v Termico (Pty) Ltd (418/2018)
Termico (Pty) Ltd v SPX Technologies (Pty) Ltd & others; SPX Technologies (Pty) Ltd v Termico (Pty) Ltd (418/2018) [2019] ZASCA 109; 2020 (2) SA 295 (SCA) (6 September 2019)
The Supreme Court of Appeal held that the arbitrators had finally determined all issues referred to them, including the enforceability of the Put Option and the calculation of the Put Price. The alleged gross irregularity based on lack of finality was unfounded, as the only outstanding issue—the value of Loan B—was not within the arbitrators' jurisdiction and was not referred to them. The court found that SPXT's refusal to attend the implementation meeting constituted deliberate frustration, and the meeting was deemed to have occurred. There was no dispute as to the amount outstanding on Loan…
Source excerpt
- Arbitration Act 1965
- Gross Irregularity
- Finality Of Award
- Hybrid Order
- Shareholders Agreement
- Put And Call Options