Local company Precision Woodworking is set to take Republic Bank (Guyana) Limited to trial over allegations of a breach of contract. The March 22 trial date was set yesterday by Justice Navindra Singh, who is presiding over the matter.
Precision Woodworking is accusing Republic Bank of unlawfully appointing a receiver to seize its assets even after the company reached an agreement with the bank to repay a non- performing loan.
The action was filed in 2012 by the Principals of Precision Woodworking Rustum Bulkan and Ronald Bulkan.
The Bulkans claim there was a breach of a contractual agreement between the Woodworking Company and Republic Bank in 2011. A synopsis of the matter outlined that the woodworking company had secured certain loans via Republic Bank but subsequently fell in arrears in the loan servicing.
Republic Bank, as part of the process of recovering the loan, appointed a receiver to secure assets of Precision by way of notice of a Court Order in June 2011. However Precision Woodworking claims that it had already reached an agreement with Republic Bank to repay.
It is on that ground that Precision Woodworking is claiming a breach of contract.
In the matter, Attorney-at-law, Nigel Hughes, is representing Precision Woodworking while Attorneys-at-law, Robin Stoby, S.C and Timothy Jonas are the Counsel for Kashir Khan (the receiver) and Republic Bank.
The case was originally set to be heard some six years ago 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 due to a number of reasons; among them, a failure by the second named defendant (Republic Bank) to file witness statements.
The Judge recused himself last year and the matter was reassigned to Justice Singh. At the preliminary stage of the hearing before Justice Singh, a summons was filed by Precision Woodworking to have several paragraphs of the initial statement of claims which were struck out by the original presiding Judge, restored.
In the affidavit in support of the summons, the plaintiffs noted that the decision to strike out various paragraphs of the claim was prejudicial, premature and without foundation in law.
They therefore sought an Order of the Court to restore paragraphs of the statement of claim.
In a written ruling, Justice Singh noted that based on a review of the file, records and the synopses of the case, he was ordering that the original claims be restored.
The Judge explained that during the time before Justice Rishi Persaud, the Defendants (Republic Bank) had not filed witness statements, despite several orders by the Court directing them to do so. Additionally on January 5, last, Justice Singh granted an order for inspection of any declarations made by Republic Bank to Precision Woodworking Limited in relation to a matter over the loan.
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