Rada Trading LLC FZC V (1) Wealth Bridge Trading Crude Oil And Refined Products Abroad LLC (2) Cohenrich Energy FZE [2020] DIFC CFI 082 (11 April 2021)

Rada Trading LLC FZC V (1) Wealth Bridge Trading Crude Oil And Refined Products Abroad LLC (2) Cohenrich Energy FZE [2020] DIFC CFI 082 (11 April 2021)

The Settlement Agreement validly assigned liability for the Overpayment to the Second Defendant and absolved the First Defendant from liability. No grounds for rescission, misrepresentation, or lifting the corporate veil were established. The Particulars of Claim and counterclaim failed to disclose reasonable grounds for proceeding. Both claim and counterclaim are struck out.

Citation
[2020] DIFC CFI 082
Parties
Claimant: RADA TRADING LLC FZC; First Defendant: WEALTH BRIDGE TRADING CRUDE OIL AND REFINED PRODUCTS ABROAD LLC; Second Defendant: COHENRICH ENERGY FZE
Jurisdiction
United Arab Emirates
Judgment Date
11 April 2021
Procedural Posture
Commercial Claim / Strike Out Applications and Counterclaim
Outcome
Claim and counterclaim struck out
Legal Topics
Settlement Agreement, Assignment of Liability, Strike Out, Corporate Veil, Variation of Contract, Costs
Contract Law Commercial Law Settlement Agreement Assignment of Liability Strike Out Corporate Veil Variation of Contract Costs

Case Brief

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Parties

RADA TRADING LLC FZC

Claimant

WEALTH BRIDGE TRADING CRUDE OIL AND REFINED PRODUCTS ABROAD LLC

First Defendant

COHENRICH ENERGY FZE

Second Defendant

Procedural Posture

Commercial Claim / Strike Out Applications and Counterclaim

Legal Issues

  1. 1 Whether the Settlement Agreement can be rescinded or set aside
  2. 2 Whether the First Defendant remains liable for the Overpayment
  3. 3 Whether the Second Defendant breached the Settlement Agreement

Ratio Decidendi

The Settlement Agreement validly assigned liability for the Overpayment to the Second Defendant and absolved the First Defendant from liability. No grounds for rescission, misrepresentation, or lifting the corporate veil were established. The Particulars of Claim and counterclaim failed to disclose reasonable grounds for proceeding. Both claim and counterclaim are struck out.

Court Disposition

Claim and counterclaim struck out

Orders

  • Claimant’s claim struck out
  • Second Defendant’s counterclaim struck out