Griffin Energy Group Pty Limited (Subject to Deed of Company Arrangement) v ICICI Bank Limited

(2015) 317 ALR 395; [2015] NSWCA 29

NSW Court of Appeal

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Interrogate

Catchwords

1. Banking and Finance
2. › Letters of credit
3. › Standby letters of credit
4. › Presentation requirements
5. › Whether claimed amounts 'due and payable'
6. › Effect of construction clause deferring acts to next business day
7. › Whether debt payable before creditor entitled to maintain action for recovery
1. Banking and Finance
2. › Letters of credit
3. › Standby letters of credit
4. › ISP98 (International Standby Practices)
5. › Rule 3.13(a) — expiration date on non-business day
6. › Whether bespoke definition of 'Business Day' in letter of credit displaces definition in ISP98 Rule 1.09(a)
1. Banking and Finance
2. › Letters of credit
3. › Standby letters of credit
4. › Definition of 'Business Day'
5. › Whether banks 'open for general business in Australia' when public holiday in one State only
6. › Public and Bank Holiday Act 1972 (WA)
1. Contract
2. › Construction
3. › Meaning of 'due and payable'
4. › Distinction between debt being 'due' and debt being 'payable'
5. › Effect of clause deferring performance to next business day on enforceability of obligation

Quick Take

A contractual clause deferring performance of an act falling on a non-business day to the next business day has the effect of deferring the date on which a debt becomes 'payable' (in the sense of enforceable by action), not merely the date on which payment must be made. A bespoke definition of 'Business Day' in a standby letter of credit will ordinarily displace the ISP98 Rule 1.09(a) definition for the purposes of Rule 3.13(a), absent express exclusion. Banks are 'open for general business in Australia' on a day which is a public holiday in one State only.