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CFI 018/2016 Standard Chartered v (1) Fal Oil Company Limited & (2) Investment Group Private Limited

CFI 018/2016 Standard Chartered v (1) Fal Oil Company Limited & (2) Investment Group Private Limited

July 9, 2017

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Claim No. CFI 018/2016

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

BETWEEN

STANDARD CHARTERED BANK

Claimant

and

(1)   FAL OIL COMPANY LIMITED

(2) INVESTMENT GROUP PRIVATE LIMITED

Defendants

 


DEFAULT JUDGMENT MADE BY JUDICIAL OFFICER MAHA AL MEHAIRI


 

UPON the Request made by the Claimant on 15 May 2017 for a Default Judgment in accordance with Rule 13.1(1) and (2) of the Rules of the DIFC Courts (“RDC”)

AND UPON the Default Judgment issued on 23 May 2017 ordering that the Claimant should file an affidavit in support of its claim for interest

AND UPON reading the first Affidavit of Ashok Venkataraman Sivasubramaniam dated 31 May 2017, it is found as follows:

  • The Request is permitted by RDC 13.4 because the Defendants have failed to file an Acknowledgment of Service or a Defence to the claim (or any part of the claim) with the DIFC Courts and the relevant time for doing so has expired.
  • The Claimant filed Certificates of Service pursuant to RDC 9.43 on 7 December 2016.
  • The Claimant has followed the required procedure for obtaining Default Judgment (RDC 13.7 and 13.8)
  • The Request includes a request for interest pursuant to RDC 13.14.
  • The DIFC Courts are satisfied that the conditions of RDC 13.22 and 13.23 have been met.
  • The Claimant has submitted evidence, as required by RDC 13.24, that (i) the claim is one that the DIFC Courts have power to hear and decide; (ii) no other court has exclusive jurisdiction to hear and decide the claim; and (iii) the claim has been properly served (RDC 13.22/13.23).
  • The Claimant has filed an affidavit in support of the interest claim as required pursuant to the Default Judgment dated 23 May 2017 which sets out the calculation of interest in the claims.

ACCORDINGLY IT IS HEREBY ORDERED THAT:

  1. The Request is granted.
  2. The Defendants shall jointly and severally pay the Claimant, within 14 days of this Order, the amount of USD 65,530,984.05 (the “Judgment Sum”), being the sum, owing as at 1 May 2017, of:
    • USD 21,832,012.36 being the standard interest sum; and
    • USD 43,698,971.69 being the default interest sum.
  3. The Defendants shall jointly and severally pay the Claimant standard interest which shall continue to accrue on a daily basis at the rate of USD 11,892.36 from 1 May 2017 until full payment is received.
  4. The Defendants shall jointly and severally pay the Claimant default interest which shall continue to accrue on a daily basis at the rate of USD 24,412.41 from 1 May 2017 until full payment is received.
  5. The Defendants shall jointly and severally pay the Claimant’s costs in the amount of USD 37,764.67, within 14 days of this Order.
  6. The Defendants shall jointly and severally pay interest on the Claimant’s costs pursuant to Article 39 of DIFC Law No. 10 of 2004.

 

 

Issued by:

Maha Al Mehairi

Judicial Officer

Date of Issue: 6 July 2017

At: 11am