Mercuria Energy Trading Pte Ltd and another v Citibank NA and another

Sale of goods – Delivery. The parties entered repo transactions concerning metal. The first claimant commenced proceedings, seeking declarations that bring forward notices served by the defendants were invalid or superseded by its notice declaring a termination event. The Commercial Court held that the defendants had not effected delivery for the purpose of the parties' agreements and it was liable for damages for failure to deliver with respect to one transaction. Further, the bring forward notices were valid and the first claimant was in breach of those obligations. Furthermore, the defendants were entitled to terminate the agreements as a matter of contract and common law.

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