BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
COMMERCIAL COURT (KDB)
7 Rolls Building Fetter Lane London EC4A 1NL |
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B e f o r e :
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AWAS NETHERLANDS A320-1 BV | ||
(a company incorporated under the laws of the Netherlands) | Claimant | |
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PACIFIC AIRLINES AVIATION JOINT STOCK COMPANY | ||
(a company incorporated under the laws of Vietnam) | Defendant |
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appeared for the Claimant
The Defendant did not appear and was not represented
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Crown Copyright ©
MR JUSTICE BUTCHER:
THE FACTUAL BACKGROUND
"The Lessor shall, within thirty (30) days of the Redelivery Date (or such later date as the Lessor may request, acting reasonably), (i) reconcile the Initial Balance Amount as appropriate (and using the same methodology reflected in the calculations set out in Annex A) to reflect that the Redelivery Date is the final date of the leasing of the Aircraft and notify such reconciliation to the Lessee; and (ii) notify the Lessee of the amount of the Lessor's final third party expenses incurred in respect of the subject matter of [the Settlement Agreement] which has not been included in the Upfront Amount or the Initial Balance Amount (including legal and technical expenses) and shall provide invoices or other supporting evidence for such expenses (the sum of such reconciled amounts in (i) and (ii) being the Final Reconciliation Amount). Provided that the Lessee (acting reasonably with reference to the Lessor's calculations and such invoices or other supporting evidence and in consultation with the Lessor) has satisfactorily verified the Initial Balance Amount and the Final Reconciliation Amount, the Lessee shall, within five (5) days of receiving such notice by the Lessor, execute and deliver to the Lessor a letter confirming the full and final Instalment Balance Amount which shall include the Final Reconciliation Amount."
EVENTS FOLLOWING THE SETTLEMENT AGREEMENT
THE PROCEDURAL HISTORY
THE RELEVANT PRINCIPLES
(1) The Initial Balance Amount accounts for US$761,147.62 of the monthly Instalment Balance Amount of US$794,335.59;
(2) In circumstances where the Defendant has failed to pay twelve Instalment Balance Amounts, I am satisfied US$9,133,771.40 is owing pursuant to clause 3.1(b) as unpaid Initial Balance Amount;
(3) US$499,228.27 of default interest calculated at what the Settlement Agreement defines as the Default Rate is payable in respect of that unpaid Initial Balance Amount as at 6 November 2024.
"...the Initial Balance Amount as appropriate (and using the same methodology reflected in the calculation set out in annex A) to reflect that the re-delivery date is the final date of the leasing of the aircraft."
Secondly:
"...the amount of the lessor's final third-party expenses incurred in respect of the subject of this agreement which has not been included in the upfront amount or the Initial Balance Amount (including legal and technical expenses)."
CONCLUSION