DIFC Courts

CFI 026/2014 Standard Chartered Bank v Investment Group Private Limited

August 14, 2016 court of first instance - Orders,Orders

Claim No: CFI-026-2014

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

 

IN THE COURT OF FIRST INSTANCE

BEFORE JUSTICE SIR DAVID STEEL

BETWEEN

STANDARD CHARTERED BANK

Claimant

and

INVESTMENT GROUP PRIVATE LIMITED

Defendant

ORDER OF JUSTICE SIR DAVID STEEL MADE ON 28 JUNE 2016

UPON reviewing the Defendant’s Application Notice CFI-026-2014/4 dated 13 June 2016 (the “Application”) and supporting documents seeking a stay of the proceedings pending a determination of the Defendant’s petition by the Union Supreme Court;

AND UPON considering the submissions and evidence filed by the parties in relation to the Application

AND UPON hearing Counsel for the Claimant and Counsel for the Defendant on 28 June 2016;

IT IS HEREBY ORDERED THAT:

  1. The Application is dismissed.

  2. The Defendant shall pay the Claimant the amount of USD 90,000 as an interim payment on account of the Claimant’s costs of the Application on or before 11 August 2016.

  3. The Claimant shall be entitled to the remainder of its costs of the Application to be assessed by the Registrar on an indemnity basis if not agreed.

 

 

Issued by:

Amna Al Owais

Deputy Registrar

Date of issue: 14 August 2016

At: 3pm