Goldman Sachs International v Videocon Global Ltd & Anor [2013] EWHC 2843 (Comm) (20 September 2013)

Goldman Sachs International v Videocon Global Ltd & Anor [2013] EWHC 2843 (Comm) (20 September 2013)

Goldman Sachs is entitled to summary judgment on liability as the margin call remained effective, there was no valid tender of payment, and the Early Termination Notice was validly delivered and designated a valid Early Termination Date. However, summary judgment on quantum is refused as the claimant's Loss statement did not meet the contractual requirements for detail and disclosure under the ISDA Master Agreement.

Citation
[2013] EWHC 2843 (Comm)
Parties
Claimant: Goldman Sachs International; First Defendant: Videocon Global Limited; Second Defendant: Videocon Industries Limited
Jurisdiction
England and Wales
Judgment Date
20 September 2013
Procedural Posture
Commercial Summary Judgment Application / Summary Judgment
Outcome
Summary judgment granted on liability only; quantum to be determined at trial.
Legal Topics
ISDA Master Agreement, Summary Judgment, Currency Derivatives, Guarantee Liability, Margin Calls
Commercial Law Banking and Finance ISDA Master Agreement Summary Judgment Currency Derivatives Guarantee Liability Margin Calls

Case Brief

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Parties

Goldman Sachs International

Claimant

Videocon Global Limited

First Defendant

Videocon Industries Limited

Second Defendant

Procedural Posture

Commercial Summary Judgment Application / Summary Judgment

Legal Issues

  1. 1 Whether summary judgment should be granted for sums due under ISDA Master Agreement and Guarantee
  2. 2 Whether margin calls remained effective after subsequent calls
  3. 3 Whether there was a valid tender of performance by the defendant

Ratio Decidendi

Goldman Sachs is entitled to summary judgment on liability as the margin call remained effective, there was no valid tender of payment, and the Early Termination Notice was validly delivered and designated a valid Early Termination Date. However, summary judgment on quantum is refused as the claimant's Loss statement did not meet the contractual requirements for detail and disclosure under the ISDA Master Agreement.

Court Disposition

Summary judgment granted on liability only; quantum to be determined at trial.

Orders

  • Summary judgment for claimant on liability against both defendants.
  • Quantum of damages to be determined at trial.