Eastern European Engineering Limited v Vijay Construction (Pty) Limited (MA 247/2021) [2022] SCSC 1093 (21 March 2022)

Eastern European Engineering Limited v Vijay Construction (Pty) Limited (MA 247/2021) [2022] SCSC 1093 (21 March 2022)

Interest continues to accrue from the date of deposit in the registry until full discharge of the judgment debt, and must be calculated as simple interest, not compound interest, following the majority decision in Charlemagne Grandcourt and others vs Christopher Gill.

Citation
[2022] SCSC 1093
Parties
Applicant: Eastern European Engineering Limited; Respondent: Vijay Construction (Pty) Limited
Court
Supreme Court
Jurisdiction
Seychelles
Judgment Date
21 March 2022
Case Number
MA 247/2021
Procedural Posture
Execution of Judgment / Ruling on Final Execution and Interest Calculation
Outcome
Application allowed in part
Legal Topics
Execution of Judgment, Interest Calculation, Stay of Execution
Source Language
English
Civil Procedure Commercial Law Execution of Judgment Interest Calculation Stay of Execution

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Parties

Eastern European Engineering Limited

Applicant

Vijay Construction (Pty) Limited

Respondent

Procedural Posture

Execution of Judgment / Ruling on Final Execution and Interest Calculation

Legal Issues

  1. 1 Whether interest on the judgment debt should stop running from the date of deposit into court registry
  2. 2 Whether interest should be calculated as simple or compound interest

Ratio Decidendi

Interest continues to accrue from the date of deposit in the registry until full discharge of the judgment debt, and must be calculated as simple interest, not compound interest, following the majority decision in Charlemagne Grandcourt and others vs Christopher Gill.

Court Disposition

Application allowed in part

Orders

  • Judgment Creditor entitled to interest from date of deposit in registry until full discharge of judgment debt
  • Interest to be calculated at simple interest rate, not compound