SIMACO LTD v. I&M BANK RWANDA PLC

Upon termination of the loan contract by I&M Bank Rwanda Plc, SIMACO Ltd remained liable for the outstanding principal and interest, but total interest could not exceed the principal as per the in duplum rule. The Supreme Court recalculated the total amount owed accordingly and adjusted the award of legal costs and...

Source-derived case information.

Citation: RS/INJUST/RCOM 00008/2021/SC
Parties: Applicant: SIMACO LTD; Respondent: I&M BANK RWANDA PLC
Court: Supreme Court
Jurisdiction: Rwanda
Judgment Date: 25 February 2022
Case Number: RS/INJUST/RCOM 00008/2021/SC
Procedural Posture: Commercial Loan Dispute / Supreme Court Review on Grounds of Injustice
Outcome: Partly allowed; prior judgment modified.
Legal Topics: Loan Agreements, Interest Calculation, In Duplum Rule, Contract Termination, Damages, Procedural Review

Banking Law Contract Law Commercial Law Loan Agreements Interest Calculation In Duplum Rule Contract Termination Damages +1 more

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Summary, issues, holding and outcome

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Full judgment text Legal principles 3 Authorities cited 4 Party arguments 2 Amounts and remedies 4

Parties

SIMACO LTD

Applicant

I&M BANK RWANDA PLC

Respondent

Procedural Posture

Commercial Loan Dispute / Supreme Court Review on Grounds of Injustice

Legal Issues

1 Determination of outstanding principal at contract termination
2 Whether interest continues accruing after loan contract termination
3 Entitlement to damages and legal costs

Ratio Decidendi

Court Disposition

Partly allowed; prior judgment modified.

Orders

SIMACO Ltd to pay I&M Bank Rwanda Plc a total of 205,136,882 Frw (principal plus interest, capped by in duplum rule).
I&M Bank Rwanda Plc to pay SIMACO Ltd 800,000 Frw for attorney fees and legal costs at this level.

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