International Finance Corporation v Punj Lloyd Ltd & Anor (Note Of Judgment)

International Finance Corporation v Punj Lloyd Ltd & Anor (Note Of Judgment)

The Claimant is entitled to summary judgment for the principal sums, interest, and fees under the Loan Agreements and Guarantee Agreement, as the Defendants have no real prospect of defending the claim and the demand under the Guarantee was validly made after notice of default and acceleration.

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
Commercial Debt Recovery / Summary Judgment Application
Outcome
Summary judgment granted for the Claimant
Legal Topics
Loan Agreements, Guarantee Enforcement, Summary Judgment, Debt Recovery
Commercial Law Contract Law Loan Agreements Guarantee Enforcement Summary Judgment Debt Recovery

Case Brief

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Parties

International Finance Corporation

Claimant

Punj Lloyd Limited

First Defendant

Punj Lloyd Upstream Limited

Second Defendant

Procedural Posture

Commercial Debt Recovery / Summary Judgment Application

Legal Issues

  1. 1 Whether the Claimant is entitled to summary judgment for unpaid debts under loan agreements
  2. 2 Whether the demand under the Guarantee Agreement was valid and enforceable

Ratio Decidendi

The Claimant is entitled to summary judgment for the principal sums, interest, and fees under the Loan Agreements and Guarantee Agreement, as the Defendants have no real prospect of defending the claim and the demand under the Guarantee was validly made after notice of default and acceleration.

Court Disposition

Summary judgment granted for the Claimant

Orders

  • Defendants to pay the principal sums, interest, and fees as claimed, subject to a US$4,000-US$5,000 adjustment for overcharged default interest
  • Defendants to pay £75,000 in respect of the Claimant's costs