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Court orders Republic Bank to produce records in breach of contract lawsuit

Jan 07, 2018 News

Justice Navindra Singh has granted an order for inspection of any declarations made by Republic Bank to Precision Woodworking Limited in relation to a matter over a loan approved back in 2011.

The loan is at the centre of the legal dispute between Republic Bank and the Woodworking Company for an alleged breach of contract.

The company is contending that Republic Bank had unlawfully appointed a receiver to seize its assets even after they had reached an agreement to settle the matter.

The company had reportedly fallen back in honouring its commitment to repay the loan but later reached an agreement with the bank to settle the matter.

It was this said agreement that Precision Woodworking is contending that the Bank breached.

According to the action filed in 2012, Republic Bank, as part of the process of recovering the loan, had appointed a receiver to secure assets of Precision by way of notice of a Court Order in June 2011.

However, Precision Woodworking through its Directors, Rustum Bulkan and Ronald Bulkan, claimed that the receiver was unlawfully appointed.

In the action, Attorney-at-law, Nigel Hughes is representing Precision Woodworking while Attorneys-at-law, Robin Stoby, S.C and Tariq Khan are the Counsel for Kashir Khan (the receiver) and Republic Bank.

The case was originally set to be heard five years ago before Justice Rishi Persaud but the trial never commenced due to several delays at the preliminary stage.
There were in excess of 60 interlocutory appearances of the case before Justice Persaud but the matter never went to trial due to a number of reasons; among them, a failure by the second named defendant (Republic Bank) to file witness statements.

The Judge thereafter recused himself and the matter was reassigned to Justice Singh last year.

 

 

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