DIFC 014/2019
IDBI Bank Limited v (1) Amira C Foods International Dmcc (2) A K Glogal Business Fze and Mr Karan A Chanana
The initial dispute involved a bank which had breached a contract and refused to issue buyer's credits negatively impacting a commodity trading company. Following an earlier case in which the bank had been ordered to pay an argent amount to the commodity supplier. The bank had then written demanding the trading company pay outstanding buyer's credits and when they didn't stated their was a default event. This case involved an appeal of decisions on the right of the trading company for loss of margin (as it had had to buy the products from another supplier at a higher cost), its right for damages for reputational damage (because what happened had impacted customer confidence and ability to get suitable credit for otherand a counter claim by the bank.
Background
This case was an appeal of the Judgment of Justice Roger Giles in which he assessed damages payable by the appellant, IDBI Bank Limited for the breach of a contract with its customer, the first respondent, Amira C Foods International DMCC of USD$12,603,791 plus interest.