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Fimbank P.L.C. v Farlin Eenergy and Commodities Fze [2018] DIFC CFI 075

Fimbank P.L.C. v Farlin Eenergy and Commodities Fze [2018] DIFC CFI 075

February 28, 2019

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Claim No. CFI-075-2018

 

IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

 

IN THE COURT OF FIRST INSTANCE

BETWEEN:

 

FIMBANK P.L.C.

Claimant

and

FARLIN ENERGY AND COMMODITIES FZE

Defendant


JUDGMENT OF H.E JUSTICE ALI AL MADHANI


UPON the Claimant having filed a Part 8 Claim seeking judgment in the amount of USD 19,858,052.61 plus continuing interest at the default contractual rate from 31 October 2018 to the date of judgment.

UPON the Claimant having been heard at a Hearing on 25 February 2019

UPON the attendance of Counsel representing the Claimant in the absence of the Defendant

UPON review of the documents included in the Court file

UPON the Court being satisfied that the proceedings have been validly served and that the Defendant has acknowledge the service but failed to appear or engage in the proceedings

UPON the Court being satisfied that it has Jurisdiction to deal with this case

AND UPON the Court being satisfied that the requirements of Part 8 have been met and that this is an appropriate case in which to grant judgment under Part 8

IT IS ORDERED THAT:

1.There be judgment for the Claimant on the debt owed by the Defendant in the total sum of USD 20,292,116.27 (being USD 19,378,982.99 (exc. interest) plus interest of USD 913,133.28 as at 25 February 2019).

2. Interest shall continue to accrue on the Judgement Total at the daily rate of up to 9% (being the applicable DIFC Courts rate of interest) from the date of judgment until the date of payment. at the daily rate of USD 3,610.53

3. All such sums are to be paid by the Defendant to the Claimant within 28 days.

4. The Defendant do pay the Claimant’s costs of the action, to be assessed if not agreed.

Issued by:

Ayesha Bin Kalban

Assistant Registrar

Date of issue: 28 February 2019

Time: 3pm

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