Lender wins principal judgment while interest dispute remains for trial

Alydar Investments obtained summary judgment for approximately J$54.66 million against Nika Management and its co-defendants on 20 May. The Commercial Division left the calculation of accrued interest for trial.

The borrowers argued that licensing failures under the Microcredit Act made the transaction unenforceable. The judge applied its saving provision: the loan transaction had been entered into before commencement, although the final disbursement followed it.

That conclusion did not determine whether the lender had committed a regulatory offence. Nor did it resolve objections to compound interest or an allegedly increased interest rate; those questions were distinguished from repayment of the principal.

The defendants’ applications for summary judgment, striking out, leave to appeal and a stay were refused. Costs went to the lender. The judgment scheduled an interest trial; this report does not establish what subsequently happened there.

Partial summary judgment on principal; interest remained unresolved in this decision. The amount reported follows the operative order. Complete official judgment reviewed; subsequent appeals or treatment have not been checked.