CPIT Investments v Qilin World Capital: Costs, Offers to Settle, SICC

In CPIT Investments Limited v Qilin World Capital Limited, the Singapore International Commercial Court addressed the issue of costs following a judgment in favor of CPIT Investments Limited (Plaintiff) against Qilin World Capital Limited (Second Defendant) regarding a loan agreement and the sale of pledged shares. The court found that the Second Defendant repudiated the Loan Agreement. While the Plaintiff was overall successful, it failed on claims against the First Defendant and a portfolio claim. The court determined the appropriate costs orders, considering offers to settle and the specific rules of the SICC. The Plaintiff is entitled to recover costs and disbursements from the Second Defendant.

1. Case Overview

1.1 Court

SINGAPORE INTERNATIONAL COMMERCIAL COURT of the republic of singapore

1.2 Outcome

The Plaintiff is entitled to recover costs and disbursements from the Second Defendant.

1.3 Case Type

Civil

1.4 Judgment Type

Judgment

1.5 Jurisdiction

Singapore

1.6 Description

CPIT Investments v Qilin World Capital addresses costs following a judgment in the Singapore International Commercial Court (SICC).

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
CPIT INVESTMENTS LIMITEDPlaintiffCorporationEntitled to recover costs and disbursementsPartial
QILIN WORLD CAPITAL LIMITEDDefendantCorporationLiable for costs and disbursementsLost

3. Judges

Judge NameTitleDelivered Judgment
Vivian RamseyInternational JudgeYes

4. Counsels

Counsel NameOrganization
Tan Poh Ling WendyMorgan Lewis Stamford LLC
Chua Han Yuan KennethMorgan Lewis Stamford LLC
Sharon Chong Chin YeeRHTLaw Taylor Wessing LLP
Gideon YapRHTLaw Taylor Wessing LLP

4. Facts

  1. The Plaintiff and Second Defendant entered into a Loan Agreement.
  2. The Plaintiff provided certain shares as collateral for the loan.
  3. The Second Defendant sold the Pledged Shares.
  4. The Plaintiff claimed the Second Defendant was not entitled to sell the Pledged Shares.
  5. The Plaintiff claimed the sale of the Pledged Shares caused a fall in the share price.
  6. The Plaintiff made an offer to settle for HK$13,000,000.00 on 9 November 2016.

5. Formal Citations

  1. CPIT Investments Limited v Qilin World Capital Limited and another, Suit No 5 of 2016, [2018] SGHC(I) 02

6. Timeline

DateEvent
Urgent applications requiring extensive affidavits and attendance for almost a full day
Case transferred to the SICC
Offer to settle made by the Plaintiff
Judgment handed down in the proceedings
Judgment reserved
Judgment reserved

7. Legal Issues

  1. Costs
    • Outcome: The Plaintiff is entitled to recover costs and disbursements from the Second Defendant.
    • Category: Procedural
  2. Offer to Settle
    • Outcome: The court considered the offer to settle in determining the appropriate costs order.
    • Category: Procedural

8. Remedies Sought

  1. Recovery of costs and disbursements

9. Cause of Actions

  • No cause of actions

10. Practice Areas

  • Commercial Litigation

11. Industries

  • No industries specified

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
CPIT Investments Ltd v Qilin World Capital Ltd and anotherSingapore International Commercial CourtYes[2017] 5 SLR 1SingaporeThe judgment in this case concerned an agreement under which the Second Defendant provided a non-recourse loan to the Plaintiff, with the Plaintiff providing certain shares as collateral for the loan.
Teras Offshore Pte Ltd v Teras Cargo Transport (America) LLCSingapore International Commercial CourtYes[2017] 4 SLR 38SingaporeCited as a previous decision of the Singapore International Commercial Court where costs were dealt with.
Telemedia Pacific Group Ltd and another v Yuanta Asset Management International Ltd and anotherHigh CourtYes[2017] 3 SLR 47SingaporeCited for the payment of costs on an indemnity costs basis.

13. Applicable Rules

Rule Name
No applicable rules

14. Applicable Statutes

Statute NameJurisdiction
Rules of Court (Cap 322, R 5, 2014 Rev Ed)Singapore
Order 110 Rule 46 of the Rules of CourtSingapore
Order 110 Rule 54Singapore
Order 110 Rule 12Singapore
Order 110 Rule 21(1)Singapore
Order 22A Rule 9Singapore
Order 22A Rule 12Singapore
Order 59Singapore

15. Key Terms and Keywords

15.1 Key Terms

  • Costs
  • Offer to settle
  • Singapore International Commercial Court
  • Loan Agreement
  • Pledged Shares
  • Reasonable costs
  • Disbursements

15.2 Keywords

  • Costs
  • Offer to settle
  • SICC
  • Singapore International Commercial Court
  • Civil Procedure

17. Areas of Law

Area NameRelevance Score
Singapore International Commercial Court90
Costs80
Civil Practice75
Commercial Law30
Contract Law30
Arbitration20
Summary Judgement10

16. Subjects

  • Civil Procedure
  • Costs
  • International Commercial Law