Ultrabulk A/S v Jagatramka

Ultrabulk A/S v Jagatramka

The personal guarantee executed by Mr. Jagatramka is a binding, primary obligation enforceable on demand under English law for the sum of US$4,259,395 plus interest, regardless of any payments by Gujarat or alleged invalidity under Indian law. The guarantee is not void or unenforceable for lack of Reserve Bank of India approval, and the claimant is entitled to a final anti-suit injunction.

Parties
Claimant: Ultrabulk A/S; Defendant: Arun Kumar Jagatramka
Jurisdiction
England and Wales
Judgment Date
09 November 2017
Procedural Posture
Commercial Claim (personal Guarantee) / Judgment After Trial (defendant Absent)
Outcome
Judgment for claimant
Legal Topics
Personal Guarantee, Enforcement of Foreign Judgments, Anti Suit Injunction, Interpretation of Guarantee, Conflict of Laws
Commercial Law Contract Law Personal Guarantee Enforcement of Foreign Judgments Anti Suit Injunction Interpretation of Guarantee Conflict of Laws

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 3 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Ultrabulk A/S

Claimant

Arun Kumar Jagatramka

Defendant

Procedural Posture

Commercial Claim (personal Guarantee) / Judgment After Trial (defendant Absent)

Legal Issues

  1. 1 Whether the personal guarantee executed by the defendant is enforceable under English law
  2. 2 Whether the guarantee is void or unenforceable under Indian law (FEMA)
  3. 3 Whether the guarantee is a primary obligation or a secondary liability

Ratio Decidendi

The personal guarantee executed by Mr. Jagatramka is a binding, primary obligation enforceable on demand under English law for the sum of US$4,259,395 plus interest, regardless of any payments by Gujarat or alleged invalidity under Indian law. The guarantee is not void or unenforceable for lack of Reserve Bank of India approval, and the claimant is entitled to a final anti-suit injunction.

Court Disposition

Judgment for claimant

Orders

  • Defendant to pay US$4,259,395 plus interest at LIBOR plus 2% up to judgment date
  • Final anti-suit injunction granted against defendant