January 18, 2022 court of first instance - Orders
Claim No: CFI 045/2020
IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
BETWEEN
(1) EMIRATES NBD BANK PJSC
(2) HSBC BANK MIDDLE EAST LIMITED
(3) ICICI BANK LIMITED, BAHRAIN LIMITED
(4) ICICI BANK UK PLC
(5) UNION BANK OF INDIA
(6) BANK OF JORDAN COMPANY
(7) NATIONAL BANK OF BAHRAIN BSC
(8) AHLI UNITED BANK BSC (DIFC BRANCH)
(9) COMMERCIAL BANK OF DUBAI PSC
(10) WARBA BANK KSCP
Claimants
and
(18) SPECTRAMI DMCC
Defendant
CONSENT ORDER
UPON the Claimants’ Claim No. CFI-045-2020 against the Eighteenth Defendant amended from time to time (the “Claim”) pursuant to a disputed corporate guarantee under clause 15 of the Conventional Facility Agreement dated 19 November 2019, clause 6 of the Murabaha Investment Agency Agreement dated 19 November 2019 and Schedule 1, Part 1 of the Common Terms Agreement dated 19 November 2019 (the clauses collectively being referred to as the “Corporate Guarantee” and the agreements being collectively referred to as the “Facility Agreements”)
AND UPON the Order of Justice Sir Jeremy Cooke dated 18 August 2021 lifting the freezing injunction dated 1 June 2020 in respect of the Eighteenth Defendant (the "Discharge Order")
AND UPON the Eighteenth Defendant’s application dated 23 November 2021 for Strike Out and/or Immediate Judgment (the “Application”)
AND UPON the Claimants and the Eighteenth Defendant having reached an agreement on the terms set out in this Consent Order
IT IS HEREBY ORDERED BY CONSENT THAT:
1. The Application is withdrawn.
2. The Claim against the Eighteenth Defendant be discontinued by consent.
3. The Claimants and the Eighteenth Defendant hereby release and forever discharge all and/or any actions, claims, rights, demands and set-offs, direct and indirect obligations, whether in this jurisdiction or any other, whether or not presently known to the parties or to the law, and whether in contract, tort or equity, that they have or hereafter can, shall or may have against each other arising out of or connected with the Facility Agreements, the Corporate Guarantee, the Discharge Order, and/or the Claim.
4. The Claimants and the Eighteenth Defendant agree, on behalf of themselves and on behalf of their related parties, not to sue, commence, voluntarily aid in any way, prosecute or cause to be commenced or prosecuted against each other any action, suit or other proceeding concerning the Facility Agreements, the Corporate Guarantee, the Discharge Order, and/or the Claim, in this jurisdiction or any other.
5. The mandatory orders made in respect of the First Defendant at paragraphs 8(a), 9, 10(b), and 11 of the Immediate Judgment Order dated 28 October 2021 granted by Justice Sir Jeremy Cooke, including, for the avoidance of doubt, the execution of the First Ranking Subsequent Security Moveables Agreement, any and all cash sweep related payment obligations, and any and all reporting requirements, shall cease to apply to the Eighteenth Defendant.
6. No order as to costs.
7. This Order shall be served by the Claimants on all parties to the Claim.
Issued by:
Nour Hineidi
Registrar
Date of issue: 18 January 2022
At: 2pm
