Vs Msn 36118 Cav Designated Activity Company v SpiceJet Limited

Vs Msn 36118 Cav Designated Activity Company v SpiceJet Limited

Claimants are entitled to interest at 3% compounded annually from the due date of each payment, not monthly, based on the construction of Clause 9.2. Costs assessed at £30,000 for the application and £14,000 interim payment for the action. Claimants may elect between statutory judgment rate interest or contractual interest after judgment.

Parties
Claimant: VS MSN 36118 CAV Designated Activity Company; Defendant: SpiceJet Limited
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Commercial / Judgment on Consequential Matters
Outcome
judgment for claimant
Legal Topics
Compound Interest, Costs, Lease Agreement, Summary Judgment
Contract Law Commercial Law Compound Interest Costs Lease Agreement Summary Judgment

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Parties

VS MSN 36118 CAV Designated Activity Company

Claimant

SpiceJet Limited

Defendant

Procedural Posture

Commercial / Judgment on Consequential Matters

Legal Issues

  1. 1 Entitlement to compound interest under lease agreement
  2. 2 Assessment of costs
  3. 3 Election between statutory and contractual interest after judgment

Ratio Decidendi

Claimants are entitled to interest at 3% compounded annually from the due date of each payment, not monthly, based on the construction of Clause 9.2. Costs assessed at £30,000 for the application and £14,000 interim payment for the action. Claimants may elect between statutory judgment rate interest or contractual interest after judgment.

Court Disposition

judgment for claimant

Orders

  • Interest at 3% from due date of each payment compounded annually
  • Declaration of entitlement to interest at 3% compounded annually after judgment or statutory judgment rate interest at claimant's election