July 13, 2021 court of first instance - Orders
Claim No. CFI 036/2020
THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
BETWEEN
CREDIT EUROPE BANK (DUBAI) LTD
Claimant
and
(1) NEW MEDICAL CENTRE TRADING LLC
(2) NMC HEALTHCARE LLC
(3) BAVAGUTHU RAGHURAM SHETTY
Defendants
AND
Claim No. CFI 031/2020
THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
BETWEEN
CREDIT EUROPE BANK (DUBAI) LTD
Claimant
and
BAVAGUTHU RAGHURAM SHETTY
Defendant
ORDER OF JUSTICE WAYNE MARTIN
UPON considering a minute of this Order signed by the legal representatives acting for the Claimant and the legal representatives acting for the Third Defendant to which attached the power of attorney by which the Third Defendant authorised his legal representatives to act for him including in these proceedings, and including for agreeing to the terms of the present Order by consent
AND UPON the Third Defendant acting in his individual capacity having agreed to pay the specified sums due to the Claimant and pursuant to the personal guarantee as pleaded in the Claim Form filed in CFI-036-2020, and expressly, in writing, consenting to the present judgment being entered against him on the terms set out below and affirming that he has made no request for further time to pay
IT IS HEREBY ORDERED BY CONSENT THAT:
1. The Third Defendant shall pay to the Claimant USD 9,330,743.37 (nine million, three hundred and thirty thousand, seven hundred and forty-three United States Dollars and thirty-seven cents) (the “Judgment Amount”) in full and final settlement of its claim against him within seven (7) days from the date of this Order.
2. The Worldwide Freezing and Provision of Information Order dated 10 April 2020 issued by this Court in CFI-031-2020 continued by an Order by consent dated 14 April 2020 (the “WWFO”) shall continue in full force and effect, varied to remove paragraph 4.1, until further order of the Court or until the Judgment Amount is satisfied in full.
3. Interest on the Judgment Amount will accrue at a rate of 9% per annum from the date of this Order until the Judgment Amount is satisfied.
4. There be no order as to costs.
5. This Order is without prejudice to the right of the Claimant to seek its costs of enforcing this Order and/or the WWFO.
Issued by:
Nour Hineidi
Registrar
Date of issue: 13 July 2021
Time: 2pm
