Deutsche Bank AG & Ors v Unitech Global Ltd & Anor [2013] EWHC 2793 (Comm) (20 September 2013)

Deutsche Bank AG & Ors v Unitech Global Ltd & Anor [2013] EWHC 2793 (Comm) (20 September 2013)

Permission to amend the defence is refused for all proposed new defences except for the implied LIBOR term and counterclaim for damages; the defendants are estopped from raising rescission due to issue estoppel from Cooke J.'s judgment; the vertical agreements are not void due to any LIBOR-related illegality; the guarantee and indemnity are not exchange contracts under the IMF Agreement; the no set-off clause precludes set-off even for fraud; summary judgment is granted to the claimants on all defences except for the implied LIBOR term counterclaim for damages.

Citation
[2013] EWHC 2793 (Comm)
Parties
Claimant: Deutsche Bank AG and others; Defendant: Unitech Global Limited; Defendant: Unitech Limited
Jurisdiction
England and Wales
Judgment Date
20 September 2013
Procedural Posture
Commercial Court Interlocutory Applications (amendment of Defence, Summary Judgment) / Interlocutory (applications to Amend Defence and for Summary Judgment)
Outcome
Permission to amend refused except for LIBOR implied term and damages counterclaim; summary judgment granted to claimants except for LIBOR implied term counterclaim.
Legal Topics
Summary Judgment, Amendment of Pleadings, Misrepresentation, Illegality, LIBOR Manipulation, Implied Terms, Guarantee and Indemnity, Set Off Clauses, Issue Estoppel
Banking and Finance Contract Law Competition Law Public Policy Summary Judgment Amendment of Pleadings Misrepresentation Illegality +5 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 6 Authorities cited 21 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Deutsche Bank AG and others

Claimant

Unitech Global Limited

Defendant

Unitech Limited

Defendant

Procedural Posture

Commercial Court Interlocutory Applications (amendment of Defence, Summary Judgment) / Interlocutory (applications to Amend Defence and for Summary Judgment)

Legal Issues

  1. 1 Whether permission should be granted to amend the defence to plead new defences including misrepresentation, illegality, breach of competition law, unenforceability under IMF Agreement, and public policy; whether summary judgment should be granted to the claimants; whether the defendants are estopped from raising certain defences by prior judgment; whether the guarantee and indemnity are unenforceable; whether set-off is available despite a no set-off clause.

Ratio Decidendi

Permission to amend the defence is refused for all proposed new defences except for the implied LIBOR term and counterclaim for damages; the defendants are estopped from raising rescission due to issue estoppel from Cooke J.'s judgment; the vertical agreements are not void due to any LIBOR-related illegality; the guarantee and indemnity are not exchange contracts under the IMF Agreement; the no set-off clause precludes set-off even for fraud; summary judgment is granted to the claimants on all defences except for the implied LIBOR term counterclaim for damages.

Court Disposition

Permission to amend refused except for LIBOR implied term and damages counterclaim; summary judgment granted to claimants except for LIBOR implied term counterclaim.

Orders

  • Permission to amend defence refused except for LIBOR implied term and damages counterclaim.
  • Summary judgment granted to claimants on all defences except for LIBOR implied term counterclaim for damages.