TMT Asia Ltd v Marine Trade SA

TMT Asia Ltd v Marine Trade SA

The application for summary judgment is dismissed because the defendant has raised arguable defences on the grounds of misrepresentation, Event of Default, and the effect of such default under the ISDA Master Agreement, which require a full trial to resolve.

Parties
Claimant: TMT Asia Limited; Defendant: Marine Trade S. A.
Jurisdiction
England and Wales
Judgment Date
25 May 2011
Procedural Posture
Commercial Contractual Dispute (summary Judgment Application) / Summary Judgment Application
Outcome
Application for summary judgment dismissed
Legal Topics
Summary Judgment, Misrepresentation, Event of Default, Insolvency, Estoppel, ISDA Master Agreement
Commercial Law Contract Law Summary Judgment Misrepresentation Event of Default Insolvency Estoppel ISDA Master Agreement

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Parties

TMT Asia Limited

Claimant

Marine Trade S. A.

Defendant

Procedural Posture

Commercial Contractual Dispute (summary Judgment Application) / Summary Judgment Application

Legal Issues

  1. 1 Whether the defendant has an arguable defence to the claim for summary judgment
  2. 2 Whether there was a misrepresentation by the claimant regarding its solvency
  3. 3 Whether the claimant was subject to an Event of Default under the ISDA Master Agreement

Ratio Decidendi

The application for summary judgment is dismissed because the defendant has raised arguable defences on the grounds of misrepresentation, Event of Default, and the effect of such default under the ISDA Master Agreement, which require a full trial to resolve.

Court Disposition

Application for summary judgment dismissed

Orders

  • Leave to amend Defence and Counterclaim granted
  • Matter to proceed to trial on the issues identified