Bank Of India v (1) Trade Synergies LLC (2) Kamal International Trading LLC (3) Mr Kamal Kishin Loungani [2022] DIFC CFI 070 (21 June 2022)

Bank Of India v (1) Trade Synergies LLC (2) Kamal International Trading LLC (3) Mr Kamal Kishin Loungani [2022] DIFC CFI 070 (21 June 2022)

The claimant is entitled to default judgment as the defendants failed to acknowledge service or file a defence, all procedural requirements were satisfied, and the sums claimed are due under the Facilities Agreement.

Citation
[2022] DIFC CFI 070
Parties
Claimant: Bank Of India; Defendant: Trade Synergies LLC; Defendant: Kamal International Trading LLC; Defendant: Mr Kamal Kishin Loungani
Jurisdiction
United Arab Emirates
Judgment Date
21 June 2022
Procedural Posture
Civil / Default Judgment
Outcome
default judgment for claimant
Legal Topics
Default Judgment, Loan Recovery, Interest Calculation, Costs
Banking Law Contract Law Civil Procedure Default Judgment Loan Recovery Interest Calculation Costs

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Parties

Bank Of India

Claimant

Trade Synergies LLC

Defendant

Kamal International Trading LLC

Defendant

Mr Kamal Kishin Loungani

Defendant

Procedural Posture

Civil / Default Judgment

Legal Issues

  1. 1 Whether the claimant is entitled to default judgment for the outstanding loan and interest against the defendants
  2. 2 Whether the claimant followed the required procedure for default judgment under the DIFC Rules

Ratio Decidendi

The claimant is entitled to default judgment as the defendants failed to acknowledge service or file a defence, all procedural requirements were satisfied, and the sums claimed are due under the Facilities Agreement.

Court Disposition

default judgment for claimant

Orders

  • Defendants to pay claimant USD 4,103,246.44 within 14 days, comprising principal and contractual interest
  • Defendants to pay interest on the judgment sum at 9% per annum from the date of judgment, quantified at USD 1,011.76 per day until payment