Respondent
Petitioner
Facts: AKA Investments Ltd. initiated a foreclosure action against Indran Sathasivam regarding a mortgage on a Vancouver property. The dispute centered on the correct interest rate applicable under the mortgage agreement post-December 31, 2019, with AKA asserting an 18% rate was applicable, contrary to the previously applied 9.25% rate.
Issue: The primary legal issue was whether the foreclosure order (Order Nisi) should be amended to reflect an 18% interest rate applicable after December 31, 2019, instead of the 9.25% rate initially applied, and whether a summary accounting should be ordered to adjust for this difference.
Court's Ruling: The court granted AKA's application to amend the Order Nisi to include the 18% per annum interest rate post-December 31, 2019. It found that the amendment was justified under the "slip rule" or the court's inherent jurisdiction due to a clerical mistake and that there was no undue prejudice to the respondents that would prevent the amendment.
Costs/Damages Awarded: AKA Investments Ltd. was awarded costs of its application against Wing Wah, Mr. Hsieh, and Mr. Sathasivam on a joint and several basis, as well as costs of the Wing Wah petition against both Wing Wah and Mr. Hsieh on a joint and several basis, although the specific amount of costs was not detailed in the summary.
Court
Supreme Court of British ColumbiaCase Number
H190833Practice Area
Real estateAmount
Winner
PetitionerTrial Start Date
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