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Claim No. CFI 066/2020

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

BETWEEN

CREDIT SUISSE (SWITZERLAND) LIMITED

Claimant

and

(1) ASHOK KUMAR GOEL
(2) SUDHIR GOYEL
(3) MANAN GOEL
(4) PRERIT GOEL

Defendants

FREEZING INJUNCTION AND PROVISION OF INFORMATION ORDER

IMPORTANT: -

NOTICE TO THE RESPONDENT

This Order prohibits you from doing the acts set out in this Order. You should read it all carefully. You are advised to seek legal advice as soon as possible. You have a right to ask the Court to vary or discharge this Order.

If you disobey this Order you may be found guilty of Contempt of Court.

THIS ORDER

1. This is a Freezing Order made against the Respondents (and each of them), namely, ASHOK KUMAR GOEL, SUDHIR GOYEL, MANAN GOEL and PRERIT GOEL (the “Respondents”), on 13 September 2020 by His Excellency Justice Ali Al Madhani on the application of CREDIT SUISSE (SWITZERLAND) LIMITED (the “Applicant”). The Court has read the affidavit listed in Schedule A and accepted the undertakings set out in Schedule B at the end of this Order.

2. This Order was made at a hearing without notice to the Respondents. The Respondents have the right to apply to the Court to vary or discharge the Order in accordance with paragraph 18 below.

3. There will be a further hearing in respect of this Order on 20 September 2020 (the “Return Date”).

4. If there is more than one Respondent:

WORLDWIDE FREEZING INJUNCTION

5. Until the Return Date or further order of the Court, each of the Respondent must not, without the prior written consent of the Applicant’s solicitors:

6. Paragraph 5 applies to each and all of the Respondent’s assets whether or not they are in his own name and whether they are solely or jointly owned. For the purpose of this Order, each of the Respondent's assets include any asset which he has the power, directly or indirectly, to dispose of or deal with as if it were his own. The Respondent is regarded as having such power if a third party holds or controls the asset in accordance with his direct or indirect instructions.

7. This prohibition includes the following assets in particular:

8. If the total value free of charges or other securities (the “unencumbered value”) of the Respondent’s assets in the DIFC exceeds USD 95,209,138.97, the Respondent may remove any of those assets from the DIFC or may dispose of or deal with them so long as the total unencumbered value of the assets still in the DIFC remains above USD 95,209,138.97.

9. If the total unencumbered value of the Respondent’s assets in the DIFC does not exceed USD 95,209,138.97, the Respondent must not remove any of those assets from the DIFC and must not dispose of or deal with any of them. If the Respondent has other assets outside the DIFC, he may dispose of or deal with those assets outside the DIFC so long as the total unencumbered value of all his assets whether in or outside the DIFC remains above USD 95,209,138.97.

PROVISION OF INFORMATION

10. Unless paragraph 11 applies, the Respondent must by no later than 15 September 2020 and to the best of his ability inform the Applicant’s legal representatives of all of his assets worldwide exceeding USD 10,000 in value whether in his own name or not and whether solely or jointly owned, giving the value, location and details of all such assets.

11. If the provision of any of this information is likely to incriminate the Respondent, he may be entitled to refuse to provide it, but is recommended to take legal advice before refusing to provide the information. Wrongful refusal to provide the information is contempt of court and may render the Respondent liable to be fined or referred to the Attorney General of Dubai.

12. As soon as practicable and in any event by no later than 17 September 2020, each Respondent must swear and serve on the Applicant’s legal representatives an affidavit setting out the above information.

EXCEPTIONS TO THIS ORDER

13. This Order does not prohibit the Respondent from spending USD 5,000 per week towards his ordinary living expenses and a reasonable sum on legal advice and representation. But before spending any money the Respondent must tell the Applicant’s legal representatives where the money is to come from.

14. This Order does not prohibit the Respondent from dealing with or disposing of any of his assets in the ordinary and proper course of business.

15. The Respondent may agree with the Applicant’s legal representatives that the above spending limits should be increased or that this Order should be varied in any other respect, but any agreement must be in writing.

16. This Order will cease to have effect if the Respondents or any of them:

COSTS

17. The costs of this application are reserved to the Judge hearing the application on the Return Date.

VARIATION OR DISCHARGE OF THIS ORDER

18. Anyone served with or notified of this Order may apply to the Court at any time to vary or discharge this Order (or so much of it as affects that person), but they must first inform the Applicant’s legal representatives. If any evidence is to be relied upon in support of the application, the substance of it must be communicated in writing to the Applicant’s legal representatives in advance.

INTERPRETATION OF THIS ORDER

19. A Respondent who is an individual who is ordered not to do something must not do it himself or in any other way. He must not do it through others acting on his behalf or on his instructions or with his encouragement.

SERVICE OF THIS ORDER

20. The Applicant also has permission to serve this Order on any third party to whom the Applicant wishes to give notice of this Order including:

PARTIES OTHER THAN THE APPLICANT AND RESPONDENTS

21. Effect of this order

It is contempt of court for any person notified of this Order knowingly to assist in or permit a breach of this Order.

22. Set off by banks

This injunction does not prevent any bank from exercising any right of set off it may have in respect of any facility which it gave to the Respondent before it was notified of this Order.

23. Withdrawals by the Respondent

No bank need enquire as to the application or proposed application of any money withdrawn by the Respondent if the withdrawal appears to be permitted by this Order.

24. Persons outside the DIFC

ASSETS LOCATED OUTSIDE THE DIFC

25. Nothing in this Order shall, in respect of assets located outside the DIFC, prevent any third party from complying with:

NAME AND ADDRESS OF THE APPLICANT’S LEGAL REPRESENTATIVES

26. The Applicant’s legal representatives are:

Clyde & Co LLP, PO Box 7001, Rolex Tower, Level 15, Dubai, UAE.

COMMUNICATIONS WITH THE COURT

27. All communications with the DIFC Courts about this Order should be electronically sent to registry@difccourts.ae quoting case number CFI-066-2020.

Issued by:
Nour Hineidi
Deputy Registrar
Date of issue: 13 September 2020
At: 3pm

SCHEDULE A

AFFIDAVITS

The Applicant relied on the following affidavit:

PETER KEHRLI dated 26 August 2020 and Exhibit PK1.

(1) If the Court later finds that this Order has caused loss to the Respondent, and decides that the Respondent should be compensated for that loss, the Applicant will comply with any order the Court may make.

(2) By no later than 24 September 2020, the Applicant will issue and serve a Part 7 or Part 8 Claim Form claiming the appropriate relief.

(3) As soon as practicable, the Applicant will serve upon the Respondents:

(4) As soon as practicable, the Applicant will send copies of the documents listed in paragraph (3) above by email to prerit.goel@gulfpetrochem.com; ashok.goel@gulfpetrochem.com; sudhir.goyel@gulfpetrochem.com; and manan.goel@gulfpetrochem.com.

(5) As soon as practicable after receipt of revised transcripts of the hearings reflecting any corrections, the Applicant will send a copy of the said transcripts to the Respondents by email to prerit.goel@gulfpetrochem.com; ashok.goel@gulfpetrochem.com; sudhir.goyel@gulfpetrochem.com; and manan.goel@gulfpetrochem.com (noting that the voice recording for the second part of the hearing held on 13 September 2020 is unavailable rendering it impossible to prepare a transcription of the same).

(6) Anyone notified of this Order will be given a copy of it by the Applicant’s legal representatives.

(7) The Applicant will pay the reasonable costs of anyone other than the Respondent which have been incurred as a result of this Order, including the costs of finding out whether the person holds any of the Respondent’s assets, and if the Court later finds that this Order has caused such person loss, and decides that such person should be compensated for that loss, the Applicant will comply with any order the Court may make.

(8) If this Order ceases to have effect (for example, if the Respondent provides security pursuant to paragraph 16 above), the Applicant will immediately take all reasonable steps to inform in writing anyone to whom it has given notice of this Order, or who it has reasonable grounds for supposing may act upon this Order, that it has ceased to have effect.

(9) The Applicant will not without the permission of the Court seek to enforce this Order in any country outside the UAE.

PERSONAL GUARANTORS