Credit Suisse AG v Arabian Aircraft & Equipment Leasing Co EC & Ors

Credit Suisse AG v Arabian Aircraft & Equipment Leasing Co EC & Ors

The Bank could not pursue a claim under clause 18.4 without amending its pleadings and without determining Fair Market Value as contractually required; summary judgment should not have been granted on that basis.

Parties
Claimant/respondent: Credit Suisse A.G.; Defendant/appellant: Arabian Aircraft & Equipment Leasing Co EC; Defendant/appellant: Mansour Ibrahim Al-Tassan; Defendant/appellant: Bahrain Executive Air Services Co (BEXAIR) W.L.L.
Jurisdiction
England and Wales
Judgment Date
02 October 2013
Procedural Posture
Civil Appeal / Appeal From Summary Judgment Order
Outcome
appeal allowed
Legal Topics
Lease Agreements, Damages, Pleadings, Summary Judgment, Mitigation of Loss
Contract Law Commercial Law Lease Agreements Damages Pleadings Summary Judgment Mitigation of Loss

Case Brief

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Parties

Credit Suisse A.G.

Claimant/respondent

Arabian Aircraft & Equipment Leasing Co EC

Defendant/appellant

Mansour Ibrahim Al-Tassan

Defendant/appellant

Bahrain Executive Air Services Co (BEXAIR) W.L.L.

Defendant/appellant

Procedural Posture

Civil Appeal / Appeal From Summary Judgment Order

Legal Issues

  1. 1 Whether the claimant could rely on clause 18.4 of the lease without amending its pleadings
  2. 2 Whether a claim under clause 18.4 could succeed absent determination of Fair Market Value
  3. 3 Whether the Bank failed to mitigate its loss regarding the aircraft's deterioration

Ratio Decidendi

The Bank could not pursue a claim under clause 18.4 without amending its pleadings and without determining Fair Market Value as contractually required; summary judgment should not have been granted on that basis.

Court Disposition

appeal allowed

Orders

  • Order below set aside
  • Application for summary judgment dismissed