Katra Holdings Ltd (Appellant) v Standard Chartered Bank (Mauritius) Ltd (Respondent) (Mauritius)
Case ID: JCPC 2022/0044
Jurisdiction: Supreme Court of Mauritius
Case summary
Issue
Whether the Court of Appeal erred in upholding the Judge's decision: (i) that there was no genuine and substantial dispute in relation to the debt allegedly owed to the Respondent; (ii) that the Respondent was empowered to serve a statutory demand whilst holding security; (iii) to order the winding-up of the Appellant; and (iv) to refuse the motion of the Appellant to adduce fresh evidence in the appeal hearing.
Facts
On 13 October 2015, the Respondent served a statutory demand on the Appellant claiming payment of USD 19,225,911.32 and interest, under a USD 20 million loan facility provided to the Appellant by the Respondent in December 2006.
On 26 October 2015, the Appellant applied to set aside the statutory demand, alleging that (i) the debt was secured and the Respondent had not enforced or relinquished its security, and (ii) there were substantial grounds to dispute the debt as the loan facility was illegal, contravening Indian law and public policy.
On 5 July 2017, the Supreme Court dismissed the Appellant's application and made an order that the Appellant be put into liquidation. Such order was made without a winding-up petition having been presented by the Respondent.
The Appellant appealed the Supreme Court's decision to the Court of Appeal. The Court of Appeal dismissed a motion by counsel to adduce fresh evidence in the appeal proceedings and dismissed the appeal. The Appellant now appeals to His Majesty in Council.
Parties
Appellant
Katra Holdings Ltd
Respondent
Standard Chartered Bank (Mauritius) Ltd
Appeal
Justices
Lord Hodge, Lord Briggs, Lord Stephens, Lady Rose, Lord Richards
Hearing start date
30 January 2024
Hearing finish date
30 January 2024
| Watch hearing | ||
|---|---|---|
| 30 January 2024 | Morning session | Afternoon session |
Judgment details
Judgment date
9 April 2024
Neutral citation
[2024] UKPC 8