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HCA 11/2023
[2024] HKCFI 2498
IN THE HIGH COURT OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
COURT OF FIRST INSTANCE
ACTION NO 11 OF 2023
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BETWEEN
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STORCHEN CREDIT LIMITED
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1st Plaintiff
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WELL CLEVER INTERNATIONAL LIMITED
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2nd Plaintiff
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ULTRA VIVID LIMITED
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3rd Plaintiff
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HONEST WAY HOLDINGS LIMITED
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4th Plaintiff
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STORCHEN FINANCIAL HOLDINGS LIMITED
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5th Plaintiff
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JOINT SUCCESS (HK) LIMITED
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6th Plaintiff
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And
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HIRANAND KAMLA LAL
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1st Defendant
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RAVINE LAL HIRANAND
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2nd Defendant
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________________________
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Before:
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Deputy High Court Judge Le Pichon in Chambers
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Date of Hearing:
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12 September 2024
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Date of Decision:
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12 September 2024
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Date of Reasons for Decision:
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19 September 2024
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REASONS FOR DECISION
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1.
By a summons dated 27 February 2023 (“the Summons”), the Plaintiffs seek summary judgment against the 1
st
Defendant Madam Hiranand Kamla Lal (“Madam Hiranand”) and the 2
nd
Defendant Mr Ravine Lal Hiranand (“Mr Hiranand”) (collectively, “the Defendants”) for (i) outstanding sums due and owing under 2 Deeds of Guarantee dated 10 June 2021 (“the Guarantees”) which, as at 2 of December 2022, stood at HK$498,597,770; (ii) interest; and (iii) costs.
2.
At the outset of the hearing, the Court granted leave to the Plaintiffs to file the 3
rd
affirmation of Lau Ho Yin (“Mr Lau”), a director of the 6
th
Plaintiff (“P6”) providing evidence of the recent sale of the Property described in §11 below.
3.
The Defendants no longer have legal representation. However, Madam Hiranand and Mr Hiranand filed affirmations on 12 May 2023 and 18 May 2023 respectively to oppose the application.
4.
Shortly after the commencement of the hearing, Madam Hiranand appeared in person. Mr Hiranand was said to be unwell and was absent.
5.
On 11 September 2024, the day prior to the hearing, D1 had sent a fax consisting of 33 pages
[1]
to the Court at 19:37 hours.
6.
At the conclusion of the hearing, the Court granted summary judgment in the amount outstanding under the Guarantees with costs on an indemnity. My reasons appear below.
Relevant background
7.
Under a Facility Agreement dated 8 June 2021 (“FA”) made between (1) Kamsh (PTC) Limited (“Kamsh”) as Borrower, (2) the Defendants as Guarantors, (3) P1 as Facility Agent, (4) P1, P2, P3 and P4 (collectively as Lenders), (5) P5 as Arranger, and (6) P6 as Security Agent, Kamsh borrowed HK$420 million (“the Loan”) from the Lenders repayable 12 months from the drawdown date.
8.
Kamsh is wholly owned by Madam Hiranand.
9.
Negotiations between the parties for the Loan commenced in early 2021. They used term sheets to record the main terms at every stage.
10.
On 8 June 2021, Madam Hiranand and her legal advisor reviewed the draft FA. Madam
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