JUDGMENT

Liza Chan Sow Keng JC:

[1] There are two applications before the Court - enclosure (Enc.) 11 made by the Defendant pursuant to O 18 r 19(1)(b) and/or (d) of the Rules of 2012 ("ROC 2012") and/or under the inherent jurisdiction of the Court for striking out the Plaintiff's Writ and Amended Statement of Claim dated 12 October 2020 and Encl 13 made by the Defendant for summary judgment of its counterclaim pursuant to O 14 r 5 ROC 2012.

[2] On 25th January 2021, I heard both Enc., reserved decision to 25th February 2021 and allowed both Encl 13 for summary judgment and Encl 11 for striking out with costs. These are the reasons in amplification of the grounds delivered on 25th February 2021.

Background

[3] The 1st Plaintiff is a public listed company whilst the 2nd Plaintiff is a wholly owned subsidiary of the 1st Plaintiff. The 2nd Plaintiff is in the business of manufacturing confectionary.

[4] Pursuant to a Letter of Offer dated 20 February 2009 ("Letter of Offer"), together with the OCBC Product Terms issued by the Defendant and accepted by the 2nd Plaintiff, the Defendant had granted to the 2nd Plaintiff various credit facilities, inter alia, a Bankers Acceptances (120 day) Fac