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CFI 023/2009 – Order

CFI 023/2009 – Order

May 27, 2010

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CFI 023/2009

IN THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE

IN THE COURT OF FIRST INSTANCE

IN THE MATTER OF TABARAK PARTNERS LLP

AND

IN THE MATTER OF THE DIFC INSOLVENCY LAW

BETWEEN


(1) HUSSAIN SALEH-FARID AL-AWLAQI
(2) ANDREW TAMPLIN CLOUT
Petitioners
and
(1) TABARAK PARTNERS LLP
(2) KHURAM HUSSAIN
(3) ZAID NAIM BAYA’A
Respondents

ORDER OF JUSTICE SIR JOHN CHADWICK MADE ON 20 MAY 2010

UPON the petition of Mr Hussain Saleh Farid Al-Awlaqi (“Mr Al-Awlaqi”) and Mr Andrew Tamplin Clout (“Mr Clout”) presented to the Court on 8 December 2009 (“Petition”)

UPON hearing Counsel for Mr Al-Awlaqi and Mr Clout, Counsel for Mr Ziad Naim Baya’a (“Mr Baya’a”) and Counsel for Mr Khuram Hussain (“Mr Hussain”)

AND UPON reading the evidence

IT IS ORDERED THAT:

 

1. Mr Hussain’s claim issued on 17 September 2009 with claim number CFI 23/2009 is dismissed.

 

2. Mr Hussain shall pay the costs of claim number CFI 23/2009 incurred by Mr Al-Awlaqi, Mr Clout and Mr Baya’a, to be the subject of a detailed assessment, on the standard basis, if not agreed, and:

a. to include the costs of the application of Mr Hussain issued on 12 November 2009 (Application No. 70/2009); and

 

b. to exclude the costs of the application of Mr Al-Awlaqi and Mr Clout issued on 18 November 2009 (Application No. 72/2009).

 

3. Tabarak Partners LLP DIFC Registration No.0429 with Registered Office at 502 Al Hawai Tower, Sheikh Zayed Road, PO Box 72113, Dubai, UAE, shall be wound up with immediate effect on Just & Equitable grounds pursuant to Article 50(e) of the DIFC Insolvency Law No 3 of 2009.

 

4. Mr Shahab Haider shall be appointed Liquidator of Tabarak Partners LLP with immediate effect and shall:

 

a. convene a creditors’ meeting to confirm his appointment or to appoint another person as the Liquidator in accordance with the DIFC Insolvency Law and Insolvency Regulations; and

 

b. in the event that the creditors who are entitled to and do vote (in person or by proxy) at the creditors’ meeting referred to in paragraph 4(a) above do not agree as to the appointment of a liquidator, apply to this Court for directions.

 

5. The Liquidator (Mr Haider or any person appointed in his place) shall report to the appropriate regulatory authorities within the DIFC any matter that he deems to be of concern with respect to the affairs of Tabarak Partners LLP.

 

6. The Provisional Liquidator’s costs shall be paid as an expense of the liquidation.

 

7. Mr Hussain shall pay the costs of the Petition incurred by Mr Al-Awlaqi and Mr Clout, to be the subject of a detailed assessment, on the standard basis, if not agreed.

 

8. There be no order as to Mr Baya’a’s costs of the Petition.

Amna Alowais
Deputy Registrar
Date of Issue: 27 May 2010
At: 2pm

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