Claim No. CFI-033/2009
THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE
IN THE COURT OF FIRST INSTANCE
IN THE MATTER OF ORION HOLDINGS OVERSEAS LIMITED
AND IN THE MATTER OF THE DIFC INSOLVENCY LAW (No. 3 of 2009)
ORDER OF SIR JOHN CHADWICK
MADE ON 11 JANUARY 2010
UPON the petition of Orion Holdings Overseas Limited
AND UPON having heard Orion Holdings Overseas Limited on its petition and having heard the related applications 082/2009 (made by Petra Investment Limited and Mohammed Abu Alhaj) and 084/2009 (made by Ms Shereen Aldisi, Essam Husni Aboudi, Mr Afroze Husain Zubairi, Mr Ali Khader, Mr Majdi Abu Hejleh, Mr Fazeel Sheikh, Mr Hashaam Siddiq, Mr Nabil Haj Ali, Mr Nour Saleem, Mr Ahmad Al Aqqad, Ms Natalie Jeneys and Mr Firas Chahien)
IT IS ORDERED THAT:
1. Orion Holdings Overseas Limited be wound up pursuant to Article 50(e) of the DIFC Insolvency Law (No. 3 of 2009).
2. Mr Shahab Haider of Sajjad Haider Chartered Accountants LLP shall continue as Provisional Liquidator of Orion Holdings Overseas Limited pursuant to Article 58 of the DIFC Insolvency Law (No. 3 of 2009) and Regulation 5.4.2 of the DIFC Insolvency Regulations.
3. The following directions shall apply in relation to Mr Shahab Haider's continued appointment as Provisional Liquidator:
3.1 With reference to Article 58(1) of the DIFC Insolvency Law (No. 3 of 2009), Mr Shahab Haider is not required to summons a meeting of Orion Holdings Overseas Limited's creditors, unless requested to do so by a majority of Orion Holdings Overseas Limited's creditors.
3.2 Mr Shahab Haider shall write to all of Orion Holdings Overseas Limited's creditors confirming that he does not propose to hold such a meeting of creditors (as directed), inviting any objection to this proposed course of action and to Mr Shahab Haider's appointment as Liquidator of Orion Holdings Overseas Limited.
3.3 Subject to any majority objection to this approach, Mr Shahab Haider may apply in writing to the
DIFC Courts to have his appointment as Liquidator of Orion Holdings Overseas Limited confirmed (and his appointment as Provisional Liquidator brought to an end).
4. Mr Shahab Haider be granted the powers as set out in schedule 3 of the DIFC Insolvency Law (No. 3 of 2009).
5. Application 082/2009 be dismissed.
6. The Provisional Liquidator's costs in relation to Application 082/2009 be paid by Petra Investment Limited and Mohammed Abu Alhaj (jointly and severally) on an indemnity basis.
7. Application 084/2009 be dismissed with no order as to costs.
Mark Beer
Registrar
Date issued: 27 January 2010
At 10am
