British International Investment Plc v Varkey & Anor [2024] EWHC 1785 (Comm) (24 May 2024)

British International Investment Plc v Varkey & Anor [2024] EWHC 1785 (Comm) (24 May 2024)

The claimant is entitled to summary judgment as the defendants have no real prospect of defending the claim, have failed to engage with proceedings, and are liable under the agreement and guarantee for the outstanding sums. Service by alternative means was valid. Declaratory relief and indemnity for costs are appropriate given the contractual terms and defendants' conduct.

Citation
[2024] EWHC 1785 (Comm)
Parties
Claimant: British International Investment Plc; Defendant: Sunny Varkey; Defendant: Varkey Group Limited
Jurisdiction
England and Wales
Judgment Date
24 May 2024
Procedural Posture
Commercial Claim (part 7) / Summary Judgment Application
Outcome
Summary judgment granted for claimant against both defendants.
Legal Topics
Summary Judgment, Enforcement of Foreign Judgments, Guarantee and Indemnity, Service by Alternative Means, Declaratory Relief, Costs Assessment
Commercial Law Contract Law Civil Procedure Summary Judgment Enforcement of Foreign Judgments Guarantee and Indemnity Service by Alternative Means Declaratory Relief +1 more

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 4 Authorities cited 5 Party arguments 2 Amounts and remedies 5
Sign in to unlock

Parties

British International Investment Plc

Claimant

Sunny Varkey

Defendant

Varkey Group Limited

Defendant

Procedural Posture

Commercial Claim (part 7) / Summary Judgment Application

Legal Issues

  1. 1 Whether the claimant is entitled to summary judgment for unpaid sums under a share and loan note sale agreement and guarantee
  2. 2 Whether service by alternative means was valid
  3. 3 Whether declaratory relief should be granted regarding indemnity

Ratio Decidendi

The claimant is entitled to summary judgment as the defendants have no real prospect of defending the claim, have failed to engage with proceedings, and are liable under the agreement and guarantee for the outstanding sums. Service by alternative means was valid. Declaratory relief and indemnity for costs are appropriate given the contractual terms and defendants' conduct.

Court Disposition

Summary judgment granted for claimant against both defendants.

Orders

  • Defendants to pay claimant USD 18,731,857.81 principal, USD 1,454,118.13 interest, and USD 3,614,092.99 default interest (as of 24 May 2024), less sums recovered in UAE enforcement.
  • Declaration that defendants are liable to indemnify claimant for costs, loss, or liability arising from default, with determination of indemnity amount deferred and permission to apply for determination.