ICICI Bank UK Plc v Mehta & Ors [2017] EWHC 1030 (Comm) (08 May 2017)

ICICI Bank UK Plc v Mehta & Ors [2017] EWHC 1030 (Comm) (08 May 2017)

The Bank failed to establish a good arguable case that Mona Mehta had tacitly accepted her father's Belgian estate by reason of her interest in the CHS shares, as the shares constitute immoveable property under Indian law and thus fall outside the Belgian estate. The Bank also failed to show a real risk of dissipation of assets by Mona Mehta. Accordingly, the freezing order against Mona Mehta must be discharged.

Citation
[2017] EWHC 1030 (Comm)
Parties
Claimant/applicant: ICICI Bank UK PLC; First Defendant/respondent: Mihir Mehta; Second Defendant/respondent: Purnima Mehta; Third Defendant/respondent: Mona Mehta; Fourth Defendant/respondent: Manisha Mehta; Fifth Defendant/respondent: Jayam Diamonds International PTE Ltd; Sixth Defendant/respondent: Diamond Capital Investments PTE Ltd
Jurisdiction
England and Wales
Judgment Date
08 May 2017
Procedural Posture
Commercial Freezing Injunction Application / Adjourned Return Date Hearing on Continuation/discharge of Worldwide Freezing Orders
Outcome
Freezing order against Mona Mehta discharged; freezing orders against other defendants continued or not contested.
Legal Topics
Freezing Injunctions, Guarantees, Inheritance Law, Jurisdiction, Asset Dissipation, Foreign Law Evidence
Commercial Law Banking Law Private International Law Insolvency Freezing Injunctions Guarantees Inheritance Law Jurisdiction +2 more

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Parties

ICICI Bank UK PLC

Claimant/applicant

Mihir Mehta

First Defendant/respondent

Purnima Mehta

Second Defendant/respondent

Mona Mehta

Third Defendant/respondent

Manisha Mehta

Fourth Defendant/respondent

Jayam Diamonds International PTE Ltd

Fifth Defendant/respondent

Diamond Capital Investments PTE Ltd

Sixth Defendant/respondent

Procedural Posture

Commercial Freezing Injunction Application / Adjourned Return Date Hearing on Continuation/discharge of Worldwide Freezing Orders

Legal Issues

  1. 1 Whether the Bank has a good arguable case against Mona Mehta under Belgian inheritance law for guarantee liabilities
  2. 2 Whether there is a real risk of dissipation of assets by Mona Mehta justifying continuation of the freezing order
  3. 3 Whether there was material non-disclosure by the Bank justifying discharge of the injunction

Ratio Decidendi

The Bank failed to establish a good arguable case that Mona Mehta had tacitly accepted her father's Belgian estate by reason of her interest in the CHS shares, as the shares constitute immoveable property under Indian law and thus fall outside the Belgian estate. The Bank also failed to show a real risk of dissipation of assets by Mona Mehta. Accordingly, the freezing order against Mona Mehta must be discharged.

Court Disposition

Freezing order against Mona Mehta discharged; freezing orders against other defendants continued or not contested.

Orders

  • The freezing order against Mona Mehta is discharged.
  • The freezing order against Purnima Mehta is continued as unopposed.