Shukla v St James Bank & Trust Company Ltd & Anor [2026] EWHC 851 (Comm) (14 April 2026)

Shukla v St James Bank & Trust Company Ltd & Anor [2026] EWHC 851 (Comm) (14 April 2026)

The Loan Agreement is properly characterised as a secured loan, not a sale with repurchase option. The non-recourse nature does not prevent the application of the equity of redemption. The Defendants' refusal to accept repayment and provide redemption details was a breach of contract. The case is suitable for summary judgment as there are no material factual disputes relevant to liability, and the issues turn on construction of the written agreements.

Citation
[2026] EWHC 851 (Comm)
Parties
Claimant: Mr. Rajiv Shukla; First Defendant: St James Bank & Trust Company Ltd; Second Defendant: Omega & Corinth Group Ltd
Jurisdiction
England and Wales
Judgment Date
14 April 2026
Procedural Posture
Commercial Court Summary Judgment Application / Summary Judgment and Consequential Relief
Outcome
Summary judgment granted for the Claimant on liability.
Legal Topics
Non Recourse Lending, Securities Pledge, Equity of Redemption, Summary Judgment, Breach of Contract, Characterisation of Security Agreements
Commercial Law Banking and Finance Law Contract Law Equity Non Recourse Lending Securities Pledge Equity of Redemption Summary Judgment +2 more

Case Brief

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Parties

Mr. Rajiv Shukla

Claimant

St James Bank & Trust Company Ltd

First Defendant

Omega & Corinth Group Ltd

Second Defendant

Procedural Posture

Commercial Court Summary Judgment Application / Summary Judgment and Consequential Relief

Legal Issues

  1. 1 Is the case suitable for summary judgment?
  2. 2 How is the Loan Agreement to be characterised (secured loan or sale with repurchase option)?
  3. 3 Are certain clauses void as a clog on the equity of redemption?

Ratio Decidendi

The Loan Agreement is properly characterised as a secured loan, not a sale with repurchase option. The non-recourse nature does not prevent the application of the equity of redemption. The Defendants' refusal to accept repayment and provide redemption details was a breach of contract. The case is suitable for summary judgment as there are no material factual disputes relevant to liability, and the issues turn on construction of the written agreements.

Court Disposition

Summary judgment granted for the Claimant on liability.

Orders

  • Declaration that SJB was in breach of contract by refusing to accept repayment and failing to provide redemption details as of 12 July 2024.
  • Damages to be assessed at a later stage.