Novus Aviation Ltd v Alubaf Arab International Bank BSC(c)

Contract – Breach of contract. The Commercial Court held that the defendant bank was contractually bound by a commitment letter, which had been duly executed by the bank's head of treasury and investments on its behalf, to provide equity funding for the purchase of an aircraft and that the decision of the defendant's board not to proceed with the transaction amounted to an anticipatory repudiatory breach of contract, such that the defendant was liable for the claimant's loss in an amount to be agreed.

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