DIFC 025/2020

Union Bank Of India (DIFC Branch) v (1) Velocity Industries LLC (2) Velocity Ventures Ltd (3) Umaku Trade Invest Limited (4) Vijey Kapoor (5) Ravi Kuchimanchi (6) Rajender [rajinder] Makhijani (7) Parag Gupta (8) Devika [swati] Makhijani 

This case involved personal guarantees for amounts drawn down as borrowings and whether the personal guarantors remained liable. A key issue was the impact of subsequent agreements which had added an annual review period procedure which had not been properly followed. The guarantees came under UAE law and had exceeded limitations on guarantees under that law. Other issues covered included whether video evidence from India would only be admissable if Indian authorities had approved its use and if a conflict of interest due to previous representation prevented one of the firms for representing certain parties.

Background

The Claimant was an Indian bank. It provided credit, investment banking and other financial services to various industry sectors acting through its DIFC Branch office in Dubai.