Cornelius v Dubai Islamic Bank PJSC

Cornelius v Dubai Islamic Bank PJSC

The application for permission to appeal is adjourned to allow the Applicant time to decide on funding and to comply with prior court orders; the merits of the construction argument are not determined at this stage due to lack of representation and incomplete compliance.

Parties
Applicant: Ryan Cornelius; Respondent: Dubai Islamic Bank PJSC
Jurisdiction
England and Wales
Judgment Date
07 October 2014
Procedural Posture
Civil Appeal / Oral Renewal of Application for Permission to Appeal; Adjournment Ordered
Outcome
Adjourned
Legal Topics
Freezing Orders, Permission to Appeal, Restructuring Agreement, Event of Default
Commercial Law Contract Law Freezing Orders Permission to Appeal Restructuring Agreement Event of Default

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Parties

Ryan Cornelius

Applicant

Dubai Islamic Bank PJSC

Respondent

Procedural Posture

Civil Appeal / Oral Renewal of Application for Permission to Appeal; Adjournment Ordered

Legal Issues

  1. 1 Whether permission to appeal should be granted regarding the construction of clauses 7.2 and 7.3 of the Restructuring Agreement
  2. 2 Whether Plantation Villa Proceeds are ring-fenced under clause 7.2 or included as cash under clause 7.3(c)
  3. 3 Whether the Applicant is entitled to provision under the Freezing Order for legal representation

Ratio Decidendi

The application for permission to appeal is adjourned to allow the Applicant time to decide on funding and to comply with prior court orders; the merits of the construction argument are not determined at this stage due to lack of representation and incomplete compliance.

Court Disposition

Adjourned

Orders

  • Application for permission to appeal adjourned to first available date after 27 October 2014.
  • Adjourned hearing to be on notice to the Respondent bank.