Nord Naphtha Ltd (claimant/respondent) v New Stream Trading AG (defendant/appellant)

Wednesday 17th November 2021

The Defendant/Appellant appeals the order Mr Charles Hollander QC, sitting as a Deputy High Court Judge, dated 20 November 2020, pursuant to which a summary judgement was granted in favour of the Respondent/Claimant in the principal sum of US$ 16.059.600 and the interest of US$300,318.00.

The proceedings arose of the contract dated 21 February 2019 to sell by the Applicant/Defendant 30,000mt of 10 PPM ultra-low sulphur diesel of Russian origin. On 22 February 2019 the Respondent/Claimant made an advanced payment to the Applicant/Defendant. On 17 April 2019 the Applicant/Defendant advised that a force majeure event has occurred. The Respondent/Claimant terminated contract on 3 June 2020. The claim is for breach of contract and/or for unjust enrichment.

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