Argo Capital Investors Fund Spc v Essar Steel Ltd, Court of Appeal - Commercial Court, November 18, 2005, [2005] EWHC 2587 (Comm)

Extract

---

Argo Capital Investors Fund Spc v Essar Steel Ltd, Court of Appeal - Commercial Court, November 18, 2005, [2005] EWHC 2587 (Comm)

Neutral Citation Number: [2005] EWHC 2587 (Comm)

Case No: 2005 FOLIO 526

IN THE HIGH COURT OF JUSTICE

QUEEN'S BENCH DIVISION

COMMERCIAL COURT

Royal Courts of Justice

Strand, London, WC2A 2LL

Date: 18/11/2005

Before:

MR JUSTICE CHRISTOPHER CLARKE

- - - - - - - - - - - - - - - - - - - - -

Between:

| |ARGO CAPITAL INVESTORS FUND SPC |Claimant |

| |FOR ARGO GLOBAL SPECIAL SITUATIONS FUND SP | |

| |- and - | |

| |ESSAR STEEL LIMITED |Defendant |

- - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - -

Mr Jonathan Nash (instructed by Eversheds) for the Claimant

Mr David Wolfson (instructed by Cripps Harries Hall LLP) for the Defendant

Hearing dates: 18th November 2005

Judgment

MR JUSTICE CHRISTOPHER CLARKE:

1. By an Agreement dated 7th March 1997 (“the facility agreement”) a syndicate of 9 banks, listed in Schedule 1 to the Agreement, agreed to extend to Essar Steel Ltd (“Essar”) a loan facility of $ 40,000,000 to be drawn down in one advance. One of those banks was KDLC Leasing Singapore Pte. Ltd (“KDLC”) whose commitment was $2,000,000. The Banks appointed Bayerische Landesbank Girozentrale, Singapore Branch (“Bayerische”) as their agent. The advance was drawn down on 20th March 1997.

The terms of the facility agreement

2. By clause 3.2 of the facility agreement the rights a...

See the full content of this document

---