Deutsche Bank AG [2019] EWHC 969 (Comm) (15 April 2019)

Deutsche Bank AG [2019] EWHC 969 (Comm) (15 April 2019)

Unitech Limited failed to adduce any evidence of reliance on the alleged misrepresentations. The burden of proof for the misrepresentation defence was not met. The guarantee and indemnity is enforceable, and the sums claimed are due.

Source-derived case information.

Citation
[2019] EWHC 969 (Comm)
Parties
Claimant: Deutsche Bank AG; Claimant: DBS Bank Limited; Claimant: BBK B. S. C.; Claimant: Shinhan Bank; Claimant: LIREF (Singapore) Pte. Ltd.; Claimant: PT. Bank Negara Indonesia (Persero) Tbk, Tokyo Branch; Claimant: BMI Bank BSC (C); Claimant: DB International (Asia) Limited; Claimant: Axis Specialty Limited; Claimant: DB Trustees (Hong Kong) Limited; Defendant: Unitech Global Limited; Defendant: Unitech Limited
Jurisdiction
England and Wales
Judgment Date
15 April 2019
Procedural Posture
Commercial Claim (guarantee and Indemnity, Financial Instruments) / Judgment After Trial on the Merits
Outcome
Judgment for the Claimants
Legal Topics
Guarantee and Indemnity, Misrepresentation, Interest Rate Swaps, LIBOR, Default and Acceleration, Summary Judgment, Jurisdiction
Banking and Finance Contract Law Commercial Law Guarantee and Indemnity Misrepresentation Interest Rate Swaps LIBOR Default and Acceleration +2 more

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Summary, issues, holding and outcome

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Parties

Deutsche Bank AG

Claimant

DBS Bank Limited

Claimant

BBK B. S. C.

Claimant

Shinhan Bank

Claimant

LIREF (Singapore) Pte. Ltd.

Claimant

PT. Bank Negara Indonesia (Persero) Tbk, Tokyo Branch

Claimant

BMI Bank BSC (C)

Claimant

DB International (Asia) Limited

Claimant

Axis Specialty Limited

Claimant

DB Trustees (Hong Kong) Limited

Claimant

Unitech Global Limited

Defendant

Unitech Limited

Defendant

Procedural Posture

Commercial Claim (guarantee and Indemnity, Financial Instruments) / Judgment After Trial on the Merits

Legal Issues

  1. 1 Whether Unitech Limited is liable under a guarantee and indemnity for unpaid borrowings and swap liabilities of Unitech Global Limited
  2. 2 Whether Unitech Limited can rely on a misrepresentation defence to rescind the guarantee and indemnity
  3. 3 Whether the sums claimed are properly calculated and due

Ratio Decidendi

Unitech Limited failed to adduce any evidence of reliance on the alleged misrepresentations. The burden of proof for the misrepresentation defence was not met. The guarantee and indemnity is enforceable, and the sums claimed are due.

Court Disposition

Judgment for the Claimants

Orders

  • Judgment against Unitech Limited in favour of the Lenders in the sum of USD 293,476,217.37
  • Judgment against Unitech Limited in favour of Deutsche Bank AG for the Early Termination Amount of USD 11,055,487 plus interest of USD 9,631,833.16