Perdaman moves court against Lanco mortgaging of Griffin Coal

After filing a AUD 3.5 billion-lawsuit, Australia's Perdaman Industries has again moved the court against Lanco Infratech seeking a restraint on the Indian major from mortgaging of Griffin Coal in future.

The multinational's injunction application filed on June 29 in an Australian court, comes after the AUD 3.5 billion (Rs 16,600 crore) lawsuit against Lanco alleging non-compliance with coal supply pact for Perdaman's upcoming urea plant in Western Australia.

"Perdaman applied for an injunction to not allow any future mortgages on Griffin Coal unless 10 days written notice is given to Perdaman," Perdaman Chemicals and Fertilisers' director (Corporate) Andreas Walewski told PTI.

An injunction generally refers to a court order that restrains a particular party from doing certain things.

Perdaman Chemicals and Fertilisers, whose parent company is Perdaman Industries, has filed the lawsuit as well as the injunction application against Lanco.

Lanco had acquired Griffin for AUD 730 million in March this year.

"We requested Griffin Coal and Lanco Infratech to produce the documents –– which includes negative pledge documents and financial documents," Walewski added.

"Lanco and Griffin have a negative pledge deed which is not known to Perdaman. Therefore, Perdaman applied for injunction to stop mortgage on the property and procure the documents," Walewski noted.

When contacted, a Lanco spokesperson said that since the issue is subjudice, the company as a matter of respect to the court does not want to comment.

The hearing of the injunction application, at the Supreme Court of Western Australia, is scheduled for tomorrow, Walewski added.

Griffin Coal mine has a resource base of over 1 billion tonne and the referred contract with Perdaman is approximately for 2.75 million tonne per annum.