Lanco Infratech Limited has said that the Court of Appeal of the Supreme Court of Western Australia has directed it to give 10 days' notice to Perdaman before creation of security for the Griffin coal mining assets.
This interim order comes following a petition made by Perdaman to the court seeking some relief. Lanco and Perdaman are locked in a legal battle wherein the latter has contended that Lanco has breached contractual obligations and hence entitled to compensate them.
In a statement today, Lanco contended that this matter relates to giving 10 days' notice to Perdaman before creation of security for Griffin assets under specific circumstances, in the interim period pending trial of the main case.
Mr Nagaprasad Kandimella, Chief Executive Officer, Business Development, Lanco Infratech, told Business Line: “Although we have an option to take available legal recourse, we may choose not to pursue this matter any further since this order only entails Perdaman to have 10 days' notice on creation of security, which is similar to the undertaking we have provided earlier.”
He reiterated that the company would continue to vigorously defend the allegations made by Perdaman in the main case and expressed confidence of a favourable outcome.