DIFC 041/2022, [2022] DIFC CFI 041

Kirtanlal International DMCC V (1) State Bank Of India (DIFC Branch) (2) Jingjiang Special Steel Co. Ltd (3) Hubei Xinyegang Steel Co. Ltd (4) Citic Pacific Special Steel Group Co. Ltd

This case involved a company's claim for damages as a result of the breach of an implied term to exercise good faith in a bank facility contract. The bank had an annual right to review and terminate the facility. It decided to not provide new credit facilities following a fraudulent submission of bills of lading by a supplier which had led them to make a money laundering report. There were also claims the bank had given bad references to other banks the company had then sought credit from.

Background