Argo Capital Investors Fund Spc v Essar Steel Ltd [2005] EWHC 2587 (Comm) (18 November 2005)

Argo Capital Investors Fund Spc v Essar Steel Ltd [2005] EWHC 2587 (Comm) (18 November 2005)

The First Assignment Agreement assigned to Dresdner KDLC's interest in the loan (the $2,000,000 tranche), not merely the proceeds. Therefore, Argo, as subsequent assignee, has a good arguable case that it is entitled to rely on the contractual service of process clause. The application to set aside service and dismiss the action is refused.

Citation
[2005] EWHC 2587 (Comm)
Parties
Claimant: Argo Capital Investors Fund SPC for Argo Global Special Situations Fund SP; Defendant: Essar Steel Limited
Jurisdiction
England and Wales
Judgment Date
18 November 2005
Procedural Posture
Commercial Claim (loan Facility Agreement) / Interlocutory Application to Set Aside Service and Dismiss for Lack of Jurisdiction
Outcome
Application to set aside service and dismiss action refused.
Legal Topics
Assignment of Debt, Jurisdiction Clauses, Service of Process, Loan Facility Agreements, Interpretation of Contracts
Commercial Law Contract Law Banking Law Assignment of Debt Jurisdiction Clauses Service of Process Loan Facility Agreements Interpretation of Contracts

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Parties

Argo Capital Investors Fund SPC for Argo Global Special Situations Fund SP

Claimant

Essar Steel Limited

Defendant

Procedural Posture

Commercial Claim (loan Facility Agreement) / Interlocutory Application to Set Aside Service and Dismiss for Lack of Jurisdiction

Legal Issues

  1. 1 Whether the First Assignment Agreement assigned the debt or only the proceeds to Dresdner
  2. 2 Whether Argo is entitled to rely on the contractual service of process clause under CPR 6.15
  3. 3 Whether the court has jurisdiction over the claim

Ratio Decidendi

The First Assignment Agreement assigned to Dresdner KDLC's interest in the loan (the $2,000,000 tranche), not merely the proceeds. Therefore, Argo, as subsequent assignee, has a good arguable case that it is entitled to rely on the contractual service of process clause. The application to set aside service and dismiss the action is refused.

Court Disposition

Application to set aside service and dismiss action refused.

Orders

  • Service of the claim form is not set aside.
  • The action is not dismissed.