Deutsche Bank AG & Ors v Unitech Global Ltd & Anor

Deutsche Bank AG & Ors v Unitech Global Ltd & Anor

Permission to amend defences is refused where there is no real prospect of success, particularly regarding rescission due to issue estoppel and novation, competition law does not void vertical agreements, guarantee and indemnity are not exchange contracts under IMF Agreement, no duty of disclosure extends to alleged unusual features, public policy does not bar recovery of interest, no set-off is permitted due to contractual clause, summary judgment is appropriate and not abusive, and disclaimers negate duty of care and representations.

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 / Interlocutory Applications and Summary Judgment
Outcome
Permission to amend defences refused in substantial part; summary judgment granted in favour of Claimants on key issues; certain counterclaims and damages claims to proceed to trial.
Legal Topics
Rescission, Misrepresentation, Implied Terms, Guarantee and Indemnity, LIBOR Manipulation, Competition Law Illegality, Duty of Disclosure, Public Policy, Set Off, Summary Judgment, Exchange Contracts, Conflict of Laws
Contract Law Banking Law Competition Law Conflict of Laws Rescission Misrepresentation Implied Terms Guarantee and Indemnity +7 more

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Parties

Deutsche Bank AG and others

Claimant

Unitech Global Limited

Defendant

Unitech Limited

Defendant

Procedural Posture

Commercial / Interlocutory Applications and Summary Judgment

Legal Issues

  1. 1 Availability of rescission for misrepresentation
  2. 2 Illegality and unenforceability under competition law
  3. 3 Enforceability under IMF Agreement Article VIII s.(2)(b)

Ratio Decidendi

Permission to amend defences is refused where there is no real prospect of success, particularly regarding rescission due to issue estoppel and novation, competition law does not void vertical agreements, guarantee and indemnity are not exchange contracts under IMF Agreement, no duty of disclosure extends to alleged unusual features, public policy does not bar recovery of interest, no set-off is permitted due to contractual clause, summary judgment is appropriate and not abusive, and disclaimers negate duty of care and representations.

Court Disposition

Permission to amend defences refused in substantial part; summary judgment granted in favour of Claimants on key issues; certain counterclaims and damages claims to proceed to trial.

Orders

  • Defendants granted permission to plead LIBOR implied term and augment particulars of unsuitability, but only as counterclaims, not as defences.
  • Permission to amend to plead defences covered by issues 2-5 refused.