The judgment below is reversed and the case is remanded to Seoul High Court.

The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).

1. Case summary

A. As between May 11, 2007 and January 14, 2011, A Co., Ltd. and two shipbuilding companies (hereinafter “domestic shipbuilding companies”) entered into a contract for shipbuilding up to 12 vessels with D and 11 foreign corporations (hereinafter “foreign vessel owners”).

B. Under each shipbuilding contract of this case, foreign vessel owners shall first pay part of the vessel price to domestic shipbuilding officers prior to the completion of shipbuilding, and where each shipbuilding contract of this case terminates due to reasons such as termination or termination of shipbuilding, domestic shipbuilding officers shall refund to foreign vessel owners the vessel price already received (hereinafter “Advance payment”) and the interest calculated at the rate of 6-7% per annum from the date of receipt to the date of refund, but the refund of advance payment and interest shall be exempted from all obligations, duties and legal liability to both parties, and shall be governed by English law as the governing law.

C. Meanwhile, between July 6, 2007 and March 25, 2011, the Plaintiff concluded a contract with a foreign vessel owner to guarantee an advance payment and an obligation to refund interest to the foreign vessel owners under each shipbuilding contract of this case (hereinafter “each of the instant guarantee contracts”).

However, foreign vessel owners rescinded each shipbuilding contract of this case with domestic shipbuilding owners for reasons such as delay of delivery of the vessel, and on the basis of each of the instant guarantee contracts, filed a claim with the Plaintiff for the payment of the advance payment and interest that the domestic shipbuilding owners received.

E. Accordingly, during the period from June 24, 2009 to July 7, 2011, the Plaintiff is against foreign vessel owners.