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You are here: BAILII >> Databases >> The Dubai International Financial Centre >> SBM Bank (Mauritius) Ltd v (1) Renish Petrochem FZE (2) Mr Hiteshkumar Chinubhai Mehta [2024] DIFC CA 011 (26 June 2024) URL: http://www.bailii.org/ae/cases/DIFC/2024/DCA_0115.html

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CA 011/2022 SBM Bank (Mauritius) Ltd v (1) Renish Petrochem FZE (2) Mr Hiteshkumar Chinubhai Mehta

June 26, 2024 COURT OF APPEAL - JUDGMENTS

Claim No: CA 011/2022

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF APPEAL

BETWEEN

SBM BANK (MAURITIUS) LTD

Respondent/Claimant

And

(1) RENISH PETROCHEM FZE
(2) MR HITESHKUMAR CHINUBHAI MEHTA

Appellants/Defendants

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CONSENT ORDER

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UPON the payment into the DIFC Courts' Escrow Account made by the Appellants on 18 January 2023 in the sum of USD 250,000 by way of security for the Respondent's costs (the “Security for Costs”)

AND UPON the Judgment of the Court of Appeal dated 25 March 2024 dismissing the appeal (the “Judgment”)

AND UPON the Judgment having awarded the Respondent its costs of the appeal and the cross-appeal on costs less the Appellants’ costs of the cross-appeal on the fourth advance

AND UPON the Second Appellant and the Respondent having agreed to the terms of this Consent Order

IT IS HEREBY ORDERED BY CONSENT THAT:

1. The Second Appellant agrees to bear the Respondent's costs in the sum of USD 398,958.79 (the “Respondent's Costs”).

2. The amount of Security for Costs being held in the DIFC Courts' Escrow Account shall be released to the Respondent as partial settlement of the Respondent's Costs.

3. The Second Appellant shall be liable to pay the remaining balance of the Respondent's Costs in the sum of USD 148,958.79 within 14 days of the date of this Consent Order.

Issued by:
Delvin Sumo
Assistant Registrar
Date of Issue: 26 June 2024
Time: 9am