Republic Banks appeals court order in breach of contract matter

Jan 25, 2018 News

Lawyers representing Republic Bank Limited, (RBL) have filed an appeal in relation to an Inspection Order issued by Supreme Court Judge, Justice Navindra Singh in the matter for which Precision Woodworking Limited had taken RBL to Court for breaching the terms of a loan approved in 2011.
The inspection order was issued earlier this month by Justice Singh following the presentation of an application by attorneys representing Precision Woodworking Limited on January 5, last.
Kaieteur News understands that the inspection of the records is set to take place today at the Bank’s New Market and Waterloo Streets Headquarters.
The inspection of RBL records will be made by the Plaintiff and his team. But even as the inspection is set to happen, the legal team representing the Bank sought to highlight the appeal filed against the said order.
In a letter dated January 22, last, RBL’s corporate secretary outlined that the company filed an appeal because that Bank received no notice that the matter was being heard on January 5 and was therefore denied the opportunity to make important submissions to the Judge in relation to the application for the said order.
The Bank nonetheless expressed willingness to comply with the Order of the Court at the interim.
Precision Woodworking Limited had filed a lawsuit against RBL for breaching the terms of settlement regarding a loan the company acquired in 2011.
Back then, Precision had reportedly fallen back on repaying a loan to the Bank. 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 the company is contending the receiver was unlawfully appointed to seize its assets even after reaching a settlement.
Precision Woodworking through its Directors, Rustum Bulkan and Ronald Bulkan, had therefore filed a lawsuit for alleged breach of contract.
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 matter has been before the Court for some six years.
The case was originally set to be heard 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 for 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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Republic Banks appeals court order in breach of contract matter

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