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CFI 014/2015 Orient Insurance Pjsc v (1) ABN Amro Bank N.V. (2) Bank of Baroda (3) CITI Bank N.A. (4) Credit Suisse AG (5) Emirates NBD Bank Pjsc (6) Mashreq Bank Pjsc (7) Noor Islamic Bank Pjsc (8) Glints Global General Trading LLC
UPON the Claimant having commenced International Chamber of Commerce (“ICC”) arbitration proceedings registered under ICC reference 21435/ZF against the First to Eighth Defendants (the “ICC Arbitration”)
AND UPON considering the Claimant’s Application dated 6 October 2016 (the “Application”) and the Second Witness Statement of Mark Edward Beswetherick dated 6 October 2016
IT IS HEREBY ORDERED THAT:
The proceedings between the Claimant and the Second Defendant be stayed in favour of the ICC Arbitration until such time as a final award has been made in the ICC Arbitration pursuant to the ICC Rules whereupon the parties shall each have liberty to apply for the proceedings between the Claimant and the Second Defendant to be dismissed.
The Second Defendant shall pay the Claimant’s costs of the Application.