Barclays Bank Plc v Svizera Holdings BV & Anor

Barclays Bank Plc v Svizera Holdings BV & Anor

No representation was made by Barclays to obtain an INR/USD currency swap; defendants are contractually estopped from alleging reliance or advisory duty; all defences and counterclaims fail; Barclays entitled to recover full sums claimed.

Parties
Claimant: Barclays Bank PLC; Defendant: Svizera Holdings BV; Defendant: Maneesh Pharmaceuticals Limited
Jurisdiction
England and Wales
Judgment Date
08 April 2014
Procedural Posture
Commercial Claim / Final Judgment
Outcome
Judgment for claimant
Legal Topics
Facility Agreement, Currency Swap, Collateral Contract, Fiduciary Duty, Advisory Duty, Contractual Estoppel
Contract Law Banking Law Misrepresentation Facility Agreement Currency Swap Collateral Contract Fiduciary Duty Advisory Duty +1 more

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Parties

Barclays Bank PLC

Claimant

Svizera Holdings BV

Defendant

Maneesh Pharmaceuticals Limited

Defendant

Procedural Posture

Commercial Claim / Final Judgment

Legal Issues

  1. 1 Whether Barclays made a representation to obtain an INR/USD currency swap for the defendants
  2. 2 Whether any collateral contract or advisory duty existed
  3. 3 Whether defendants are contractually estopped from alleging reliance on representations

Ratio Decidendi

No representation was made by Barclays to obtain an INR/USD currency swap; defendants are contractually estopped from alleging reliance or advisory duty; all defences and counterclaims fail; Barclays entitled to recover full sums claimed.

Court Disposition

Judgment for claimant

Orders

  • Counterclaim dismissed
  • Barclays entitled to recover principal sum of US$35,355,064.80