Sayde Developments Pty Limited v Arab Bank Australia Limited (No. 2) [2016] NSWDC 77

Sayde Developments Pty Limited v Arab Bank Australia Limited (No. 2) [2016] NSWDC 77

The plaintiff is entitled to judgment including penalty interest charges, pre-judgment interest thereon, the facility interest paid, and pre-judgment interest on the latter, as the amounts represent both restitution and damages for being kept out of money. The plaintiff must reimburse the defendant for costs of the Notice of Motion where its evidence was abandoned, but is entitled to 90% of its costs on an ordinary basis. A 28-day stay is granted to permit the defendant to consider an appeal.

Parties
Plaintiff: Sayde Developments Pty Limited; Defendant: Arab Bank Australia Limited
Jurisdiction
Australia
Judgment Date
13 May 2016
Procedural Posture
Civil / Post Judgment (determination of Pre Judgment Interest, Costs, and Stay of Execution)
Outcome
Judgment for the plaintiff with specified apportionment of costs and 28-day stay of execution.
Legal Topics
Pre Judgment Interest, Costs, Stay of Proceedings
Civil Procedure Pre Judgment Interest Costs Stay of Proceedings

Case Brief

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Parties

Sayde Developments Pty Limited

Plaintiff

Arab Bank Australia Limited

Defendant

Procedural Posture

Civil / Post Judgment (determination of Pre Judgment Interest, Costs, and Stay of Execution)

Legal Issues

  1. 1 Whether the plaintiff is entitled to pre-judgment interest and on what basis
  2. 2 How costs should be apportioned regarding the defendant's Notice of Motion
  3. 3 Whether a stay of judgment pending appeal should be granted

Ratio Decidendi

The plaintiff is entitled to judgment including penalty interest charges, pre-judgment interest thereon, the facility interest paid, and pre-judgment interest on the latter, as the amounts represent both restitution and damages for being kept out of money. The plaintiff must reimburse the defendant for costs of the Notice of Motion where its evidence was abandoned, but is entitled to 90% of its costs on an ordinary basis. A 28-day stay is granted to permit the defendant to consider an appeal.

Court Disposition

Judgment for the plaintiff with specified apportionment of costs and 28-day stay of execution.

Orders

  • Judgment for the plaintiff against the defendant in the sum of $352,302.00.
  • The defendant is to pay 90 per cent of the plaintiff's costs of the proceedings on an ordinary basis, allowance made for the defendant's Notice of Motion dated 3 February 2016.