Sagir Sarwar against Clearwater Investments Scotland LTD and Liaquat Ali (Sheriff Court Civil) [2025] SCGLA 007 (10 February 2025)

Sagir Sarwar against Clearwater Investments Scotland LTD and Liaquat Ali (Sheriff Court Civil) [2025] SCGLA 007 (10 February 2025)

The pursuer failed to exercise his buy-back option within the contractual period. The defenders were entitled to sell the property to discharge the outstanding loan and debts. The sale was not proven to be at an under-value, and the calculation of surplus monies was correct. The defenders failed to prove any further deductions. The pursuer is entitled to £87,347.31 as surplus monies from the sale, with interest.

Citation
[2025] SCGLA 007
Parties
Pursuer: Sagir Sarwar; First Defender: Clearwater Investments Scotland Limited; Second Defender: Liaquat Ali
Jurisdiction
Scotland
Judgment Date
10 February 2025
Procedural Posture
Sheriff Court Civil / Judgment After Proof (trial)
Outcome
Decree granted for the pursuer for payment of surplus monies with interest; all objections by the pursuer to the account repelled; expenses reserved.
Legal Topics
Buy Back Agreements, Accounting for Sale Proceeds, Obligations Under Collateral Agreements, Interpretation of Contractual Terms
Contract Law Property Law Buy Back Agreements Accounting for Sale Proceeds Obligations Under Collateral Agreements Interpretation of Contractual Terms

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Parties

Sagir Sarwar

Pursuer

Clearwater Investments Scotland Limited

First Defender

Liaquat Ali

Second Defender

Procedural Posture

Sheriff Court Civil / Judgment After Proof (trial)

Legal Issues

  1. 1 Whether the pursuer exercised his contractual right to repurchase the property within the buy-back period
  2. 2 Whether the defenders were entitled to sell the property and under what conditions
  3. 3 Whether the sale was at an under-value or in breach of the agreement

Ratio Decidendi

The pursuer failed to exercise his buy-back option within the contractual period. The defenders were entitled to sell the property to discharge the outstanding loan and debts. The sale was not proven to be at an under-value, and the calculation of surplus monies was correct. The defenders failed to prove any further deductions. The pursuer is entitled to £87,347.31 as surplus monies from the sale, with interest.

Court Disposition

Decree granted for the pursuer for payment of surplus monies with interest; all objections by the pursuer to the account repelled; expenses reserved.

Orders

  • Decree against the defenders jointly and severally for payment to the pursuer of £87,347.31 with interest at 8% per annum from 27 April 2023 until payment.
  • Expenses reserved.