DIFC Courts

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

January 29, 2017 court of first instance - Orders,Orders

Claim No: CFI-014-2015

IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

 

ORIENT INSURANCE PJSC

Claimant

and

(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

Defendants

ORDER OF DEPUTY CHIEF JUSTICE SIR DAVID STEEL

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:

  1. 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.

  2. The Second Defendant shall pay the Claimant's costs of the Application.

 

Issued by:

Natasha Bakirci

Assistant Registrar

Date of issue 29 January 2017

At: 10am