ICICI Bank UK Plc v Assam Oil Co Ltd & Ors

ICICI Bank UK Plc v Assam Oil Co Ltd & Ors

The four categories of disputed payments were contractually owed under the facility agreements, eliminating any realistic prospect of rescission for misrepresentation or restitution for mistake. The debt is to be measured in sterling as specified in the Amended Facility Agreement.

Parties
Claimant: ICICI Bank UK Plc; Defendant: Assam Oil Co Ltd; Defendant: AIL Holdings Ltd; Defendant: Cromwell Securities Ltd
Jurisdiction
England and Wales
Judgment Date
27 March 2019
Procedural Posture
Commercial Debt Claim / Summary Judgment Application
Outcome
Summary judgment granted for claimant on alternative sterling claim; primary US dollar claim may proceed to trial if maintained.
Legal Topics
Summary Judgment, Facility Agreements, Misrepresentation, Restitution, Default Interest, Legal Fees, Currency of Debt
Contract Law Commercial Law Banking Law Summary Judgment Facility Agreements Misrepresentation Restitution Default Interest +2 more

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Parties

ICICI Bank UK Plc

Claimant

Assam Oil Co Ltd

Defendant

AIL Holdings Ltd

Defendant

Cromwell Securities Ltd

Defendant

Procedural Posture

Commercial Debt Claim / Summary Judgment Application

Legal Issues

  1. 1 Were four categories of payments contractually owed under the facility agreements?
  2. 2 Was there a misrepresentation entitling rescission of the Amended Facility Agreement?
  3. 3 Is restitution for mistaken payments available?

Ratio Decidendi

The four categories of disputed payments were contractually owed under the facility agreements, eliminating any realistic prospect of rescission for misrepresentation or restitution for mistake. The debt is to be measured in sterling as specified in the Amended Facility Agreement.

Court Disposition

Summary judgment granted for claimant on alternative sterling claim; primary US dollar claim may proceed to trial if maintained.

Orders

  • Summary judgment for ICICI Bank UK Plc for principal and interest measured in sterling.
  • Permission granted to defendants to withdraw admission regarding currency.