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CFI 008/2015 Bocimar International N.V. v Emirates Trading Agency LLC

CFI 008/2015 Bocimar International N.V. v Emirates Trading Agency LLC

January 26, 2016

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Claim No: CFI-008-2015

IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

 

BOCIMAR INTERNATIONAL N.V.

Claimant

and

 

EMIRATES TRADING AGENCY LLC

Defendant


 CONSENT ORDER


UPON THE CLAIM in these proceedings for judgment to be entered in respect of the judgment debts arising under the orders made on 17 July 2014 by the High Court of England and Wales pursuant to section 66 of the Arbitration Act 1996 (respectively, “the First Order and “the Second Order” as more particularly described in the Claim Form issued on 30 March 2015) (“the Claim”) AND THE APPLICATION made on behalf of the Defendant on 27 April 2015 under reference CFI-008-2015/1 (“the Application”) BEING LISTED FOR HEARING together by this Court on 25 and 26 January 2016

AND UPON READING the letter dated 19 January 2016 from the Defendant’s legal representatives and the response of the Claimant thereto (by letter of the same date from its legal representatives)

AND UPON the Defendant seeking permission to withdraw the Application and not opposing the relief sought in the Claim

BY CONSENT IT IS ORDERED THAT:

1. The Application is dismissed.

2. The Defendant shall within 14 days of the date of this Order pay to the Claimant the following sums due under the First Order:

(i) US$29,214,148.33 in respect of principal sums and interest as at 7 July 2014;
(ii) US$934,330.49 in respect of interest accruing from 7 July 2014 to 5 March 2015;
(iii)US$1,236,654.54 in respect of interest accruing from 6 March 2015 to 19 January 2016;
(iv) Interest accruing at a rate of US$3876.66 per day thereafter until the date of payment of the sums set out in sub-paragraph 2(i); and
(v) US$8,666.54 in respect of the costs awarded under paragraph 4 of the First Order

3. The Defendant shall within 14 days of the date of this ORder pay to the Claimant the following sums in respect of the Second Order:

(i) US$81,629,201.91 in respect of principal sums and interest as at 7 July 2014;
(ii) US$2,483,037.46 in respect of interest accruing from 7 July 2014 to 5 March 2015;
(iii) US$3,286,676.14 in respect of interest accruing from 6 March 2015 to 19 January 2016;
(iv) Interest accruing at a rate of US$10,303.06 per day thereafter until the date of payment of the sums set out in sub-paragraph 3(i); and
(v) US$8,666.54 in respect of the costs awarded under paragraph 4 of the Second Order

4. The Defendant shall pay to the Claimant its costs of and incidental to the Claim and the Application on the indemnity basis, such costs to be subject to detailed assessment if not agreed.

AND THE COURT FURTHER ORDERS THAT:  

5. No further proceedings or applications shall be commenced or issued in this Court by or on behalf of the Defendant in respect of or relating to the judgment debts arising under the First Order or the Second Order without the leave of the Court first being obtained. A request (if any) for such leave (to which the Claimant is not required to respond unless the Court otherwise directs) is to be made in writing and is to be determined on the papers without an oral hearing (again, unless the Court otherwise directs).

Issued by:

Natasha Bakirci

Assistant Registrar

Date of issue: 26 January 2016

At: 3pm

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