Bank of Baroda, GCC Operations & Ors v Nawany Marine Shipping FZE & Ors [2016]
Bank of Baroda, GCC Operations & Ors v Nawany Marine Shipping FZE & Ors [2016] EWHC 3089 (Cockerill QC) — 7 December 2016
“Borrowers under a Facility Agreement financing the purchase of a vessel challenged the Lender's right to pursue its debt in the English Court— pursuant to a non-exclusive jurisdiction clause — on the basis that the Lender had already made an election in favour of a foreign court. The English Court upheld its jurisdiction finding that there was no clear election. Furthermore, the foreign proceedings — an attempt to enforce security after arrest of the vessel in India — were different in nature from the English ones. In any event, in common with many international financing transactions, the Agreement did not bar parallel proceedings in different jurisdictions.”
Antonino Cordopatri
E. G. Arghyrakis & Co.
07th December 2016