The Commercial Court has handed down judgment in ICICI Bank UK plc v Assam Oil Company Ltd and others  EWHC 750 (Comm). The UK arm of ICICI Bank Limited, India’s largest private sector bank, sought to recover a loan made to Assam Oil Company Limited, the English holding company of the oldest tea company in India.
The defendants had accused the Bank of fraudulently misrepresenting the sum due at the start of the amended loan agreement. The judge, Andrew Burrows QC, decided that the defendants had no realistic prospect of succeeding on their alleged defences, and ordered them to repay the Bank over £44 million. In a supplemental judgment, the defendants were ordered to pay costs on the indemnity basis.