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)

Claim No. CFI 070/2021

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

BETWEEN

BANK OF INDIA

Claimant

and

(1) TRADE SYNERGIES LLC
(2) KAMAL INTERNATIONAL TRADING LLC
(3) MR KAMAL KISHIN LOUNGANI

Defendants


DEFAULT JUDGMENT MADE BY H.E. JUSTICE MAHA AL MHEIRI


UPON the request made by the Claimant on 20 June 2022 for a Default Judgment against the Defendants in accordance with Part 13 of the Rules of the DIFC Courts (the “Request”) (“RDC”), it is found as follows:

1. The Request is not one prohibited under RDC 13.3 (1) or (2).

2. The Request is one permitted by RDC 13.4 on the basis that 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 so doing has expired.

3. The Claimant filed a Certificate of Service in respect of the Defendants under RDC 9.43 on 9 September 2021.

4. The Claimant has followed the required procedure for obtaining Default Judgment (RDC 13.7, 13.8).

5. The Request includes a request for interest pursuant to RDC 13.14 and the Claim Form sets out the calculation of interest in the claim.

ACCORDINGLY, IT IS HEREBY ORDERED THAT:

6. The Request is granted.

7. The Defendants shall pay to the Claimant within 14 days, from the date of this Order, the judgment sum of USD 4,103,246.44 comprising:

(i) USD 3,688,268.10 being the principal amount outstanding under the Facilities Agreement (as defined in the Amended Claim Form); and

(ii) USD 414,978.34 of outstanding contractual interest, which has accrued at a rate which is the aggregate of: (1) three months LIBOR plus 6% per annum; and (2) default interest at a rate of 2% per annum, from 1 March 2021 to 15 June 2022.

8. In addition, pursuant to PD 4/2017 the Defendants shall pay interest on the judgment sum to the Claimant from the date of this default judgment at the rate of 9% annually, quantified at the daily rate of USD 1,011.76 until the date of payment.

9. The Defendants shall pay the Claimant’s costs of these proceedings in the amount of USD 29,600.40, which comprises the Claimant’s legal costs to the date of this request in the amount of USD 14,242.03 and the costs of the Court’s filing fee of the claim in the amount of USD 15,358.37.

Issued by:
Ayesha Bin Kalban
Deputy Registrar
Date of issues: 21 June 2022
At: 8am