Skip to Content

CFI 026/2014 Standard Chartered Bank v Investment Group Private Limited

CFI 026/2014 Standard Chartered Bank v Investment Group Private Limited

October 1, 2017


Claim No: CFI 026/2014











UPON reviewing the Defendant’s Appeal Notice filed on 7 September 2017 for the purposes of obtaining permission to appeal the Judgment of Deputy Chief Justice Sir David Steel dated 5 September 2017

AND UPON reviewing the Claimant’s Response to the Appeal Notice dated 26 September 2017

AND IN ACCORDANCE with Part 44 of the Rules of the DIFC Courts (“RDC”)


1.Permission to appeal is refused.

2. The application for a stay is refused.

3. The Defendants must pay the Claimants their costs, assessed in the amount of USD 29,431.28.

Issued by:

Lema Hatim

Assistant Registrar

Date of issue: 1 October 2017

At: 4pm


1.In considering this application for leave to appeal I bear much in mind the following:

(a) There is and never has been any challenge to the merits and quantum of the claim in respect of the two loans.

(b) The only matter relied upon by the applicants is a counterclaim which remains wholly unquantified after a number of years.

(c) This counterclaim was pursued in the courts of Sharjah where jurisdiction was rejected and then in the Courts of Dubai whereafter the Joint Judicial Committee established pursuant to Decree No. 19 of 2016 (“JJC) held that the DIFC Courts was the appropriate jurisdiction and that the claim could not be pursued in the Dubai Courts.

(d) Despite this background the Defendants have failed comply with various case management directions and in any event failed to take any steps to advance the counterclaim in the DIFC Courts.

(e) This background taken with the history of the proceedings as outlined in the first instance judgment further confirms that the counterclaim lacks any credibility and that the Defendants deploy it and this application purely for the purposes of delaying determination of the associated claim for interest together with enforcement of the share pledge agreement.

2. That conclusion of itself would be enough to refuse leave but in any event, I am satisfied that contention that the judgment should be set aside on the basis that the putative counterclaim is a legitimate set off is devoid of merit. Any challenge to the conclusion that the anti-setoff clauses are contractually enforceable has no real prospect of success for all the reasons set out in the judgment. Furthermore, as regards the 2009 loan any challenge to the conclusion that no mandatory or judicial set off arose under UAE law (and even if it did the anti-set off clauses were still effective) has equally no real prospect of success.

3. Leave to appeal is refused. Likewise, the application for a stay is refused.

4. The Defendants must within 14 days pay the Claimant’s costs which are assessed in the amount of USD 29,431.28.


Privacy Policy

The Dubai International Financial Centre and all its affiliates are committed to preserve the confidentiality, integrity and availability of client data and personal information.

Dubai International Financial Centre and all its affiliates employees, vendors, contract workers, shall follow Information Security Management System in all the processes and technology.

  1. DIFC Courts's Top Management is committed to secure information of all our interested parties.
  2. Information security controls the policies, processes, and measures that are implemented by DIFC Courts in order to mitigate risks to an acceptable level, and to maximize opportunities in order to achieve its information security objectives.
  3. DIFC Courts and all its affiliates shall adopt a systematic approach to risk assessment and risk treatment.
  4. DIFC Courts is committed to provide information security awareness among team members and evaluate the competency of all its employees.
  5. DIFC Courts and all its affiliates shall protect personal information held by them in all its form.
  6. DIFC Courts and all its affiliates shall comply with all regulatory, legal and contractual requirements.
  7. DIFC Courts and all its affiliates shall provide a comprehensive Business Continuity Plan encompassing the locations within the scope of the ISMS.
  8. Information shall be made available to authorised persons as and when required.
  9. DIFC Courts’s Top Management is committed towards continual improvement in information security in all our processes through regular review of our information security management system.


The content of the DIFC Courts website is provided for information purposes only and should be disregarded when making decisions on inheritance and any other matters. Whilst every reasonable effort is made to make the information and commentary accurate and up to date, the DIFC Courts makes no warranties or representations to you as to the accuracy, authenticity or completeness of the content on this website, which is subject to change at any time without notice. The information and commentary does not, and is not intended to, constitute legal advice by the DIFC Courts or any person employed or connected with it or formerly so employed or connected, to any person on any matter, be it in relation to inheritance, succession planning or otherwise. You are strongly advised to obtain specific, personal advice from a suitably qualified lawyer in relation to your personal circumstances and your objectives. The DIFC Courts does not assume any liability and shall not be liable to you for any damages, including but not limited to, direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with this website, its administration and any content or lack thereof found on it. The information on this web site is not to be displayed except in full screen format. Although care has been taken to provide links to suitable material from this site, no guarantee can be given about the suitability, completeness or accuracy of any of the material that this site may be linked to or other material on the internet. The DIFC Courts cannot accept any responsibility for the content of material that may be encountered therein.