Claim No. CFI-034-2016
THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
UPON further consideration of the Freezing Order and Provision of Information Order made by HE Justice Omar al Muhairi dated 6 October 2016 (the “DIFC Order“) made in the DIFC Proceedings CFI 034-2016 (the “Action”) in support of an arbitral award dated 18 May 2016 (the “Award”) rendered against the Respondent and another
AND UPON the Order of the Bombay High Court of 13 and 14 October 2016 (the “Bombay Order”) to admit a challenge under section 34 of the Arbitration and Conciliation Act 1996 on condition that the sum of INR 370 crores plus a INR 149.50 crores bank guarantee (together, the “Deposit”) was paid into Court by way of security
AND UPON the Respondent having given disclosure of his assets and offered undertakings on behalf of himself and others (the “Others”) in respect of certain other assets by an Affidavit dated 17 October 2016 (the “Affidavit”)
AND UPON the Applicant’s Application dated 20 October 2016 to continue the DIFC Order (the “Continuation Application”)
AND UPON the Respondent’s cross-application dated 7 November 2016 to discharge the DIFC Order on the grounds that the DIFC Courts did not have jurisdiction to grant the DIFC Order and/or should not have exercised its jurisdiction to grant the DIFC Order (the “Cross-Application“)
AND UPON the Respondent and another having on 17 November 2016 paid the Deposit into the Bombay High Court in accordance with the Bombay Order
AND UPON the Applicant’s application dated 30 November 2016 for a release from the Undertaking to begin enforcement proceedings in the DIFC Courts contained in paragraph 2 of Schedule A to the DIFC Order (the “Undertaking“) and for the discharge of the DIFC Order (the “Application for Release and Discharge“)
IT IS HEREBY ORDERED BY CONSENT THAT:
1. The DIFC Order be discharged.
2.The Applicant be released from the Undertaking.
3.The Respondent and the Others be released from the undertakings given in the Affidavit.
4. All further proceedings be stayed upon the terms set out in this Order, except for the purpose of carrying those terms into effect.
5.1 shall treat any information disclosed in the Affidavit and/or the First Witness Statement of Darshan Hiranandani dated 8 December 2016 as confidential as between the Applicant and the Respondent, and shall not disclose the information to any third party unless:
5.1.1 with the prior written consent of the Respondent;
5.1.2 by further order or with the permission of the DIFC Courts;
5.1.3 for the purposes of enforcing the Award; or
5.1.4 if compelled to do so by law or order of any Court.
5.2 shall pay the Respondent the sum of USD 50,000 within 21 days of the date of the Order.
6. The Applicant shall forthwith take all reasonable steps to inform in writing all those to whom she has given notice of the DIFC Order that it has ceased to have effect, namely:
6.1 Hircon International LLC;
6.2 Hircorp Vacation Homes Rental;
6.3 Hircorp Trading LLC;
6.4 H-Energy Mideast DMCC; and
6.5 H-Energy Global Ltd.
7. The Applicant shall forthwith procure that Perfect Relations take all reasonable steps to inform in writing any parties contacted by it in order to publicise the existence of the DIFC Order that it has ceased to have effect.
8. The parties hereby agree to the above terms in full and final settlement of all claims and disputes of any kind made in or arising out of or relating to the Action, the DIFC Order, or any of the Continuation Action, the Cross-Application and/or the Application for Release and Discharge (together the “Applications”) including any claims in respect of either party’s costs in the same. The parties further agree not to cause or procure that any third party shall sue any other party in respect of the Action, the DIFC Order or any of the Applications and/or otherwise not to encourage or assist any third party in doing the same. For the avoidance of doubt, nothing in this Order shall affect (i) the rights of the Applicant in relation to the enforcement of the Award or in seeking the permission of the DIFC Courts under paragraph 5 of this Order; or (ii) the rights of the Parties in relation to the enforcement of this Order.
Date of issue: 1 February 2017
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