Goldman Sachs International v Videocon Global Ltd & Anor [2014] EWHC 4267 (Comm) (19 December 2014)
A late but adequate notice under clause 6(d) of the ISDA Master Agreement is effective for payment purposes; the claimant is entitled to summary judgment as the contractual purpose of the notice has been fulfilled, and lateness only gives rise to a claim for damages if loss is caused.
- Citation
- [2014] EWHC 4267 (Comm)
- Parties
- Claimant: Goldman Sachs International; Defendant: Videocon Global Limited; Defendant: Videocon Industries Limited
- Jurisdiction
- England and Wales
- Judgment Date
- 19 December 2014
- Procedural Posture
- Commercial Claim / Summary Judgment Application
- Outcome
- Summary judgment granted for the claimant
- Legal Topics
- ISDA Master Agreement, Currency Swaps, Summary Judgment, Notice Requirements
Case Brief
Summary, issues, holding and outcome
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Parties
Goldman Sachs International
Claimant
Videocon Global Limited
Defendant
Videocon Industries Limited
Defendant
Procedural Posture
Commercial Claim / Summary Judgment Application
Legal Issues
- 1 Whether late provision of calculation details under clause 6(d) of ISDA Master Agreement renders the sum claimed unpayable
- 2 Whether the claimant is entitled to summary judgment despite late notice
Ratio Decidendi
A late but adequate notice under clause 6(d) of the ISDA Master Agreement is effective for payment purposes; the claimant is entitled to summary judgment as the contractual purpose of the notice has been fulfilled, and lateness only gives rise to a claim for damages if loss is caused.
Court Disposition
Summary judgment granted for the claimant
Orders
- Claimant awarded US$4,066,542.90 plus interest and costs
Full Case Text
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