Indian couple seeking $2.5 billion in damages from ANZ bank

The ANZ and receivers disregarded the interests of Indian couple Pankaj and Radhika Oswal when selling their stake in the Australian fertiliser business they founded, a court has heard.

The Oswals have returned to Australia after a five-year absence as they seek at least $1.5 billion and up to $2.5 billion in damages from the bank and the receivers it appointed to the Burrup business.

Mr Oswal's barrister Tony Bannon SC said from early on the bank was simply interested in getting the debt the Oswals owed covered in the sale of the couple's stake and receivers PPB were compliant in that process.

"We say in what amounts as a matter of law to bad faith, the interests of the Oswals were disregarded," he told the Victorian Supreme Court.

Mr Bannon will continue his opening submission on Tuesday, after telling the court the Oswals' shares were undervalued by $US800 million when they were sold for $US560 million in January 2012.

He said the evidence would show the Oswals' 65 per cent stake in Burrup Holdings was actually worth $US1.385 billion at the time.

A dozen parties are involved in the complex civil case, which is expected to run for up to six months.

The opening submissions alone are expected to take three weeks.