Deutsche Bank AG

Deutsche Bank AG

Unitech failed to participate at trial and adduced no evidence of reliance on any alleged misrepresentation. The misrepresentation defence fails. The Claimants are entitled to judgment for the sums due under the Credit Agreement and the Swap, as guaranteed by Unitech.

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/contract / Judgment After Trial on the Merits
Outcome
Judgment for the Claimants
Legal Topics
Guarantee and Indemnity, Misrepresentation, Interest Rate Swaps, Default and Acceleration, Jurisdiction
Banking and Finance Contract Law Guarantee and Indemnity Misrepresentation Interest Rate Swaps Default and Acceleration Jurisdiction

Case Brief

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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/contract / Judgment After Trial on the Merits

Legal Issues

  1. 1 Whether Unitech is liable under the Guarantee and Indemnity for unpaid borrowings and swap liabilities
  2. 2 Whether Unitech can rely on a misrepresentation defence to rescind the agreements

Ratio Decidendi

Unitech failed to participate at trial and adduced no evidence of reliance on any alleged misrepresentation. The misrepresentation defence fails. The Claimants are entitled to judgment for the sums due under the Credit Agreement and the Swap, as guaranteed by Unitech.

Court Disposition

Judgment for the Claimants

Orders

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