ADDAX ENERGY SA vs MEREZ PETROLEUM Ltd N’UNDI
The Court held that once Merez Petroleum Ltd fully repaid the debt secured by the mortgage, Addax Energy SA was legally obliged to return the mortgaged property, regardless of the late payment or prior foreclosure steps. The counterclaim by Addax Energy SA, based on a separate transport agreement, was inadmissible as it was unrelated to the main claim. Costs and attorney fees were awarded to Merez Petroleum Ltd, not Addax Energy SA.
Source excerpt
- Mortgage
- Security interest
- Debt repayment
- Counterclaim procedure
- Force majeure