Goldman Sachs International v Videocon Global Ltd & Anor
A late but adequate notice under clause 6(d) of the ISDA Master Agreement is effective to make the sum claimed payable; lateness may found a claim for damages but does not bar payment. The claimant is entitled to summary judgment.
- 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 / Summary Judgment Application
- Outcome
- Summary judgment granted for the claimant
- Legal Topics
- ISDA Master Agreement, Summary Judgment, Currency Swaps, Notice Requirements, Damages for Late Notice
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 / Summary Judgment Application
Legal Issues
- 1 Whether the claimant is entitled to summary judgment for sums due under the ISDA Master Agreement despite late provision of calculation details
- 2 Whether late provision of notice under clause 6(d) renders the sum claimed unpayable
- 3 Whether damages are available for late notice
Ratio Decidendi
A late but adequate notice under clause 6(d) of the ISDA Master Agreement is effective to make the sum claimed payable; lateness may found a claim for damages but does not bar payment. The claimant is entitled to summary judgment.
Court Disposition
Summary judgment granted for the claimant
Orders
- Claimant entitled to payment of US$4,066,542.90 plus interest and costs
Full Case Text
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