International Finance Corporation v Punj Lloyd Ltd & Anor (Note Of Judgment) [2016] EWHC 1460 (Comm) (6 May 2016)

International Finance Corporation v Punj Lloyd Ltd & Anor (Note Of Judgment) [2016] EWHC 1460 (Comm) (6 May 2016)

Claimant is entitled to summary judgment for principal sums, interest, and fees under Loan Agreements, subject to adjustment for overcharged default interest. Demand under Guarantee Agreement was validly made after default and acceleration notices, and there is no real prospect of successful defence.

Citation
[2016] EWHC 1460 (Comm)
Parties
Claimant: International Finance Corporation; First Defendant: Punj Lloyd Limited; Second Defendant: Punj Lloyd Upstream Limited
Jurisdiction
England and Wales
Judgment Date
06 May 2016
Procedural Posture
Summary Judgment Application / Judgment on Summary Judgment Application
Outcome
Summary judgment granted for Claimant
Legal Topics
Loan Agreements, Guarantee Agreements, Summary Judgment, Debt Recovery
Commercial Law Contract Law Loan Agreements Guarantee Agreements Summary Judgment Debt Recovery

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Parties

International Finance Corporation

Claimant

Punj Lloyd Limited

First Defendant

Punj Lloyd Upstream Limited

Second Defendant

Procedural Posture

Summary Judgment Application / Judgment on Summary Judgment Application

Legal Issues

  1. 1 Entitlement to principal sums under Loan Agreements
  2. 2 Calculation of quantum including interest and fees
  3. 3 Validity of demand under Guarantee Agreement

Ratio Decidendi

Claimant is entitled to summary judgment for principal sums, interest, and fees under Loan Agreements, subject to adjustment for overcharged default interest. Demand under Guarantee Agreement was validly made after default and acceleration notices, and there is no real prospect of successful defence.

Court Disposition

Summary judgment granted for Claimant

Orders

  • Defendants to pay principal sums, interest, and fees as adjusted
  • Defendants to pay £75,000 in respect of Claimant's costs