Emerging Markets PE Management Limited v (1) Port Link GP LTD (2) The Port Fund LP [2018] DIFC CFI 050 (25 July 2018)

Emerging Markets PE Management Limited v (1) Port Link GP LTD (2) The Port Fund LP [2018] DIFC CFI 050 (25 July 2018)

The claimant is entitled to judgment for the admitted amount and interest as the defendants have admitted liability and the procedural requirements for default judgment on admission have been satisfied.

Citation
[2018] DIFC CFI 050
Parties
Claimant: Emerging Markets PE Management Limited; Defendant: Port Link GP LTD; Defendant: The Port Fund LP
Jurisdiction
United Arab Emirates
Judgment Date
25 July 2018
Procedural Posture
Civil Claim for Specified Sum (money Claim) / Default Judgment on Admission
Outcome
Judgment for claimant on admission
Legal Topics
Default Judgment, Admission of Claim, Compound Interest, Jurisdiction Agreement
Civil Procedure Contract Law Default Judgment Admission of Claim Compound Interest Jurisdiction Agreement

Case Brief

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Parties

Emerging Markets PE Management Limited

Claimant

Port Link GP LTD

Defendant

The Port Fund LP

Defendant

Procedural Posture

Civil Claim for Specified Sum (money Claim) / Default Judgment on Admission

Legal Issues

  1. 1 Whether the claimant is entitled to default judgment on admission for the specified sum and interest
  2. 2 Whether the defendants are jointly and severally liable for the admitted amount and interest

Ratio Decidendi

The claimant is entitled to judgment for the admitted amount and interest as the defendants have admitted liability and the procedural requirements for default judgment on admission have been satisfied.

Court Disposition

Judgment for claimant on admission

Orders

  • Defendants to pay USD 56,999,978 to claimant immediately (admitted amount plus compound interest to date of judgment)
  • Defendants to pay claimant's costs, to be assessed if not agreed