Argo Capital Investors Fund Spc v Essar Steel Ltd

Argo Capital Investors Fund Spc v Essar Steel Ltd

The First Assignment Agreement assigned KDLC's interest in the loan to Dresdner, and the Second Assignment Agreement assigned Dresdner's interest to Argo. Therefore, Argo has a good arguable case to be an assignee under the facility agreement and is entitled to rely on the contractual service clause and CPR 6.15 for jurisdiction.

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 Court Claim / Ruling on Application to Set Aside Service and Dismiss Action for Lack of Jurisdiction
Outcome
Application to set aside service and dismiss action is declined.
Legal Topics
Assignment of Debt, Jurisdiction, Service of Process, Loan Facility Agreements
Contract Law Banking Law Civil Procedure Assignment of Debt Jurisdiction Service of Process Loan Facility Agreements

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 3 Authorities cited 4 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

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

Claimant

Essar Steel Limited

Defendant

Procedural Posture

Commercial Court Claim / Ruling on Application to Set Aside Service and Dismiss Action for Lack of Jurisdiction

Legal Issues

  1. 1 Whether the First Assignment Agreement constituted an assignment of KDLC's debt under the facility agreement to Dresdner
  2. 2 Whether Argo is entitled to rely on the contractual service clause for jurisdiction under CPR 6.15
  3. 3 Whether the assignment was of the debt or merely its proceeds

Ratio Decidendi

The First Assignment Agreement assigned KDLC's interest in the loan to Dresdner, and the Second Assignment Agreement assigned Dresdner's interest to Argo. Therefore, Argo has a good arguable case to be an assignee under the facility agreement and is entitled to rely on the contractual service clause and CPR 6.15 for jurisdiction.

Court Disposition

Application to set aside service and dismiss action is declined.

Orders

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