EMBALINKS TELECOM SERVICE LTD vs. CAL BANK LIMITED

The registry of this court issued a writ of summons at the instance of the plaintiff herein on the 29th day of March 2016 as against the defendant named herein. The the reliefs endorsed on the writ are stated hereunder: 1. a declaration that the interest/penal interest clauses contained in the facility agreement between the parties is unconscionable; 2. an order setting aside the said interest/penal clauses in the said facility agreement; 3. an order for the calculation of interest in the facility agreement on the basis of fairness, reasonableness and equity. Upon being served with the writ, the defendant bank entered appearance and filed a defence denying substantially, the plaintiffs’ claim. Issues for trial: Pursuant to leave of the court to amend pleadings granted on 13/04/2018, the defendants filed an amended statement of defence on 19/04/2018 that raised the following issues for trial: 1. whether the interest/penal interest clauses contained in the fa.....