Punjab National Bank (International) Ltd v Srinivasan and others

Loan – Deceit. Certain defendants succeeded in their application to, among other things, set aside orders granting the claimant bank permission to serve its claim on them out of the jurisdiction, and by alternative means. The bank's claim alleged, among other things, fraudulent misrepresentation and deceit in respect of eight loans, totalling $45m, concerning oil re-refining and wind energy generating projects in the USA. The Chancery Division ruled that the claims in deceit and misrepresentation did not demonstrate a serious issue to be tried in relation to the relevant cause or causes of action and that the particulars of claim failed to meet the essential minimum requirements. Further, the court ruled that the orders giving permission to serve out of the jurisdiction should be set aside for material non-disclosure where the bank had failed, at the relevant time, to disclose to the court the existence of foreign proceedings.

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