CFI 027/2018 (1) AMIRA C FOODS INTERNATIONAL DMCC (2) A K GLOBAL BUSINESS FZE v (1) IDBI BANK LIMITED (2) KARAN A CHANANA
CFI 027/2018 (1) AMIRA C FOODS INTERNATIONAL DMCC (2) A K GLOBAL BUSINESS FZE v (1) IDBI BANK LIMITED (2) KARAN A CHANANA
September 16, 2020  Court of First Instance -Orders
Claim No. CFI 027/2018 / CA 014/2019
THE DUBAI INTERNATIONAL FINANCIAL CENTRE
COURTS
IN THE
COURT
OF FIRST INSTANCE
BETWEEN
(1) AMIRA C FOODS INTERNATIONAL DMCC
(2) A K GLOBAL BUSINESS FZE
Claimants/Respondents
and
IDBI BANK LIMITED
Defendant
/Appellant
and
KARAN A CHANANA
Third Party/Additional Respondent
CONSENT ORDER
UPON
the Consent Order dated 18 February 2020 in CFI-027-2018 (the “
18 February 2020 Consent Order
”)
AND UPON
reviewing the Order of Justice Sir Richard Field dated 20 May 2020 in related proceedings CFI-022-2020 (the
“Part 8 Proceedings”
) (the
“20 May 2020 Order”
)
AND UPON
reviewing the Judgment of Justice Wayne Martin and the accompanying Order dated 6 July 2020 in CA-014-2019 (the
“Appeal Judgment”
)
AND UPON
the parties having agreed to the terms set forth in this Consent Order
IT IS HEREBY ORDERED BY CONSENT THAT:
1. The bank guarantee (no. 267BGG2000278) dated 17 March 2020, provided to the
DIFC Courts
’
Registry
pursuant to paragraphs 4 to 6 of the 18 February 2020 Consent Order shall be extended and amended as follows:
a. the expiry date shall be extended from 16 September 2020 to 16 March 2021;
b. the guaranteed amount shall be reduced from USD 13,028,734.61 to USD 3,528,734.61; and
c. the
Registrar
of the DIFC Courts shall only call on the bank guarantee and release payment to the Claimants/Respondents:
i. after the conclusion and final determination of the Part 8 Proceedings by the DIFC Courts; and
ii. subject to and following set-off to be effected between: (i) the sums awarded under the Judgment dated 29 September 2019 in CFI-027-2018, the Order dated 22 January 2020 in CFI-027-2018 and the Appeal Judgment; and (ii) any sums awarded at the conclusion of the Part 8 Proceedings, so as to give effect to the 20 May 2020 Order.
2. Liberty to apply.
Issued by:
Nour Hineidi
Deputy Registrar
Date of Issue: 16 September 2020
At: 1pm