Videocon Global Ltd & Anor v Goldman Sachs International

Videocon Global Ltd & Anor v Goldman Sachs International

A failure to serve a section 6(d) statement 'as soon as reasonably practicable' after the Early Termination Date does not render the notice ineffective or prevent the payment obligation from arising under section 6(d)(ii) of the ISDA Master Agreement. The payment obligation is triggered when notice of the amount payable is effective as defined by section 12, and the timing requirement is not a condition precedent. Any breach of the timing requirement may give rise to a claim for damages if loss is caused, but does not bar the payment obligation.

Parties
1st Appellant: Videocon Global Ltd; 2nd Appellant: Videocon Industries Limited; Respondent: Goldman Sachs International
Jurisdiction
England and Wales
Judgment Date
15 March 2016
Procedural Posture
Civil Appeal / Appeal From Summary Judgment
Outcome
Appeal dismissed
Legal Topics
Interpretation of ISDA Master Agreement, Time Limits for Contractual Notices, Summary Judgment Procedure
Contract Law Banking and Finance Interpretation of ISDA Master Agreement Time Limits for Contractual Notices Summary Judgment Procedure

Case Brief

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Parties

Videocon Global Ltd

1st Appellant

Videocon Industries Limited

2nd Appellant

Goldman Sachs International

Respondent

Procedural Posture

Civil Appeal / Appeal From Summary Judgment

Legal Issues

  1. 1 Whether a failure to serve a section 6(d) statement 'as soon as reasonably practicable' after the Early Termination Date renders the notice ineffective and prevents the payment obligation from arising under the ISDA Master Agreement.
  2. 2 Whether the payment obligation under section 6(d)(ii) is subject to a condition precedent that the section 6(d)(i) statement is served within the specified time frame.

Ratio Decidendi

A failure to serve a section 6(d) statement 'as soon as reasonably practicable' after the Early Termination Date does not render the notice ineffective or prevent the payment obligation from arising under section 6(d)(ii) of the ISDA Master Agreement. The payment obligation is triggered when notice of the amount payable is effective as defined by section 12, and the timing requirement is not a condition precedent. Any breach of the timing requirement may give rise to a claim for damages if loss is caused, but does not bar the payment obligation.

Court Disposition

Appeal dismissed

Orders

  • Summary judgment for Goldman Sachs International in the sum of US$4,066,542.90 plus interest and expenses.