ANZ to have its say in court in Oswals' $2.5 billion case this week

The ANZ bank and receivers who sold Pankaj and Radhika Oswal's Australian fertiliser business will get their chance to respond to the Indian business couple's $2.5 billion compensation claim later this week.

The former Perth couple has returned to Australia after a five-year absence seeking at least $1.5 billion and up to $2.5 billion in damages from the bank and receivers it appointed to the Burrup business, which operated an ammonia manufacturing plant in Western Australia.

The Victorian Supreme Court has heard the Oswals' 65 per cent stake in parent company Burrup Holdings was undervalued when sold for $US560 million in January 2012, following the appointment of receivers in December 2010.

Mr Oswal's barrister Tony Bannon SC is expected to finish his opening remarks on Monday, before Mrs Oswal's barrister Garry Rich SC outlines her case that she signed a guarantee and share mortgage with the bank under duress.

Lawyers for the ANZ, receivers PPB Advisory and the Burrup company, now known as Yara Pilbara, will begin outlining their case against the Oswals some time later this week.

The taxation commissioner's case against Mr and Mrs Oswal is also listed to get under way in the Federal Court in Sydney on Monday.