DIFC 002/2021 issued on 21 September 2021

(1) Ashok Kumar Goel (2) Sudhir Goyel (3) Manan Goel (4) Prerit Goel V Credit Suisse (Switzerland) Limited

The initial dispute involved breaches of bank guarantees. A key issue was whether costs for the appeal on jurisdiction and appeal on a stay order should be paid and not stayed and if costs should be assessed on an immediate basis. The substantive issue was not yet decided and those who had it was claimed had breached the guarantees were individuals in financial problems. There had also been an application for a world wide freezing order agains them.

Background

On 26 April 2021, in DIFC Case No. 002/2021 the Court dismissed an appeal against a decision made on 1 October 2020 in DIFC Case No. 066/2020 which dismissed the Appellants’ application for a declaration that the DIFC Courts did not have jurisdiction in proceedings brought against them by the Respondent Bank. On 13 January 2021, the Appellants were given permission to appeal against the decision on jurisdiction.