Karishma Vora successful in obtaining a settlement for her client in a €30 million banking dispute
Karishma was instructed by South-Asian entities to defend corporate and personal guarantees for a set of loans worth over €30 million borrowed from Punjab National Bank International Limited, London. Karishma was successful in obtaining a settlement one week before trial was due to begin before the English Commercial Court for sums less than the claimed value. Significantly, Karishma’s strategy progressed the case towards trial rather than ending in summary judgment a few years ago.
The case had ongoing parallel proceedings abroad at the National Company Law Tribunal and one of the High Courts in India.
Issues at the interim stage concerned anti-suit injunctions, service out of the jurisdiction etc. Issues for trial concerned validity of the guarantees following concerns over their being issued in breach of India's foreign exchange regulations, if the bank ought to be liable for a deterioration in the value of underlying assets, discharge of the guarantees by variation and performance.
Karishma’s dual practice in India and England was crucial in developing the successful strategy.