Natixis S.A. v Fast Telecom General Trading LLC [2016] DIFC CFI 047 (15 May 2018)

Natixis S.A. v Fast Telecom General Trading LLC [2016] DIFC CFI 047 (15 May 2018)

The Defendant failed to comply with its payment obligations under the Facility Agreement, and has no real prospect of successfully defending the claim. The Claimant is entitled to immediate judgment for outstanding principal, contractual interest, and costs, with interest continuing to accrue until payment.

Source-derived case information.

Citation
[2016] DIFC CFI 047
Parties
Claimant: Natixis S. A.; Defendant: Fast Telecom General Trading LLC
Jurisdiction
United Arab Emirates
Judgment Date
15 May 2018
Procedural Posture
Commercial Claim for Immediate Judgment / Amended Judgment at First Instance
Outcome
Immediate judgment for Claimant
Legal Topics
Loan Facility Agreement, Breach of Contract, Immediate Judgment, Interest Calculation, Costs
Commercial Law Contract Law Loan Facility Agreement Breach of Contract Immediate Judgment Interest Calculation Costs

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Parties

Natixis S. A.

Claimant

Fast Telecom General Trading LLC

Defendant

Procedural Posture

Commercial Claim for Immediate Judgment / Amended Judgment at First Instance

Legal Issues

  1. 1 Whether the Defendant breached the Facility Agreement by failing to repay principal and interest
  2. 2 Whether the Claimant is entitled to immediate judgment for outstanding amounts and contractual interest
  3. 3 Whether the Claimant is entitled to costs

Ratio Decidendi

The Defendant failed to comply with its payment obligations under the Facility Agreement, and has no real prospect of successfully defending the claim. The Claimant is entitled to immediate judgment for outstanding principal, contractual interest, and costs, with interest continuing to accrue until payment.

Court Disposition

Immediate judgment for Claimant

Orders

  • Immediate judgment for Claimant in amount of USD 10,610,065.00 and contractual interest accrued as of date of judgment, USD 1,067,696.15.
  • Contractual interest to accrue from date of judgment until payment in full at rate of USD 1,404.26 per day.