Credit Suisse AG v Arabian Aircraft & Equipment Leasing Co EC & Ors

Credit Suisse AG v Arabian Aircraft & Equipment Leasing Co EC & Ors

The Defendants have no real prospect of defending the claim except as to the admitted $187,000 error and possible uncertainties over Fair Market Value and mitigation; permission to defend is granted only on condition that the sums in issue (less $187,000) are paid into court.

Source-derived case information.

Parties
Claimant: Credit Suisse AG; Defendant: Arabian Aircraft & Equipment Leasing Co EC; Defendant: Mr Mansour Ibrahim Al-Tassan; Defendant: Bahrain Executive Air Services Company (BEXAIR) WLL
Jurisdiction
England and Wales
Judgment Date
24 April 2013
Procedural Posture
Commercial / Summary Judgment Application
Outcome
Conditional permission to defend granted
Legal Topics
Summary Judgment, Lease Agreements, Mitigation of Loss, Repudiation, Damages Assessment
Contract Law Commercial Law Summary Judgment Lease Agreements Mitigation of Loss Repudiation Damages Assessment

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Parties

Credit Suisse AG

Claimant

Arabian Aircraft & Equipment Leasing Co EC

Defendant

Mr Mansour Ibrahim Al-Tassan

Defendant

Bahrain Executive Air Services Company (BEXAIR) WLL

Defendant

Procedural Posture

Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether the Defendants have a real prospect of defending the claim for sums due under a finance lease after repudiation and termination
  2. 2 Whether the Claimant failed to mitigate its loss
  3. 3 Whether the calculation of Fair Market Value and deductions were properly made

Ratio Decidendi

The Defendants have no real prospect of defending the claim except as to the admitted $187,000 error and possible uncertainties over Fair Market Value and mitigation; permission to defend is granted only on condition that the sums in issue (less $187,000) are paid into court.

Court Disposition

Conditional permission to defend granted

Orders

  • Defendants may defend only on issues with possible merit, conditional on payment of sums in issue (less $187,000) into court
  • Further directions to be given regarding financial consequences and sums to be paid into court