Karishma Vora

“Very thorough and very committed – she knows her stuff, is tactically aware and sees the bigger picture and where we are going with it.” The Legal 500 EMEA 2021 (Tier 1)

Karishma is a specialist in high-value cross border lending and guarantee defaults. She is adept at handling banking litigation where the main facility agreement has a governing law that is different from underlying guarantees/security documents and effortlessly deals with cases where one or more legs of the proceedings are outside England.

She is instructed by banks or by borrowers and guarantors alike and has had successes for both sides, including when appearing against heavyweight silks.

Cases of note

• Bank of Baroda v GVK & Ors [2023] EWHC 2662 (Comm) (trial judgment), [2023] EWHC 2559 (Comm), [2023] EWHC 2560 (Comm), [2023] EWHC 2558 (Comm), Successfully represented five first class banks in a two week trial before Justice Moulder of the English Commercial Court in a case worth $2.1 billion against GVK Coal Developers. The case concerned complicated cross border loans and guarantee agreements to develop a coal mine in Australia.
• CJSC Alfa-Bank (Belarus) v Lek Securities UK Limited 2024 Defended an FCA-regulated share-custodian facing a proprietary freezing injunction brought by a bank, designated under the Russia (Sanctions) (EU Exit) Regulations 2019.
• Punjab National Bank v Vishal Cruises and Passat Kreuzfahrten [2020] EWHC 1962 Defended guarantors in claims over €20 million where one leg of the dispute proceeded in parallel at the NCLT in India. Karishma was successful in obtaining a settlement one week before trial for sums less than the claimed value. Karishma’s strategy progressed the case to trial rather than ending in summary judgment that is typical in such matters.
• Emirates NBD Bank v KBBO DIFC Claim No. CFI-045-2020, order dated 18 August 2021 Karishma, leading a team, successfully lifted a US$ 300 million freezing injunction for a corporate guarantor at the DIFC Court in this matter linked to the NMC Health scam. The matter concerned forgery and lack of a good arguable case.
• Punjab National Bank v Srinivasan [2019] EWHC 89 (Ch) Successfully defended a personal guarantor of a US wind energy company in this US$ 37 million loan case on grounds of fraudulent misrepresentation and breach of full and frank disclosure by the bank during their application to serve out.
• Barclays Bank Plc v Svizera Holdings BV  Represented guarantors in a US$ 35 million trial concerning breach of a facility agreement and currency swap. Karishma was subsequently instructed to draft a US$ 14 million claim against the receivers for selling assets at undervalue pursuant to the primary case.

“Karishma is extremely hard working and committed to her clients. She is responsive, friendly and a pleasure to deal with. She pursues her client’s interests with dogged determination and does a lot of oral advocacy.” The Legal 500 UK 2023

Cases of note

• Agrofirma Oniks LLC v Sense Bank Ukraine 2024 Instructed to defend a Russia sanctioned individual in a case concerning alleged negligent misstatements made prior to investments worth about US$ 11.4 million.
• Cargill International Trading Pte Ltd v Uttam Galva Steels Ltd [2018] EWHC 974 (Comm), [2018] EWHC 2977 (Comm) and [2019] EWHC 476 (Comm) Instructed by Uttam Galva Steels to defend a US$ 61.8 million breach of an advance purchase and sale agreement. Karishma was instructed in three hearings against leading silks including on issues concerning service out, summary judgment and enforcing seemingly high interest rates abroad.
• Maersk A/S v Sree Rayalaseema Hi-Strength Hypo Limited 2024 Defended a publicly-listed chemical company in a claim by a time charterer for indemnity and damages exceeding US$10 million following the explosion of calcium hypochlorite on board a container vessel.
• Kanji v Eros STX Global Corporation [2021] Costs L.R. 1341 Represented an ex- consultant of an NYSE-listed media company who sought damages following the grant of restricted shares under an employee stock option plan (ESOP). Successfully secured indemnity costs at a default judgment hearing and resisted an application for relief from sanctions,  before the case progressed to trial. Karishma previously successfully settled a similar matter for another ex-employee against the same company.
• Instructed by a prominent South Asian family office to revive English court proceedings previously settled through a Tomlin Order. The matter involves developing a strategy across about four jurisdictions.
• CJSC Alfa-Bank (Belarus) v Lek Securities UK Limited (CL-2024-000139) Defending an FCA-regulated body whose client accounts were frozen during the winding-up process. The claim was brought by their client whose access to funds was frozen by the UK government under the Russia (Sanctions) (EU Exit) Regulations 2019.
• Advised a prominent Asian family office on navigating the sale of assets and breaches of real estate development agreements following a freezing of their worldwide assets.
• Instructed in a sale at undervalue by receivers of a British pharmaceutical company who incorrectly valued generic licences.
• Instructed in an appeal to the Privy Council from the Cayman Islands Court of Appeal in a dispute between shareholders of a real asset management company.
• Advised a majority shareholder on an unfair prejudice petition arising out of a £2.5m shareholders agreement concerning a 150-room hotel in the north of England franchisee.
• Defended an English franchisee against allegations of breach of a franchise agreement brought by a famous foreign restaurant chain.

“Hard working, diligent, enthusiastic, good at building rapport with clients and instructing solicitors.”
The Legal 500 UK 2021

Karishma undertakes noteworthy civil fraud cases including banking fraud, crypto fraud and email compromise fraud. Owing to her interim application expertise, she is frequently instructed on Norwich Pharmacal claims to ascertain the identity of the perpetrators of fraud, followed by worldwide freezing orders. Karishma has also been quoted by leading newspapers including on the Vijay Mallya-Kingfisher scam and on her experience of how fraud is pleaded in different jurisdictions.

Cases of note

• Punjab National Bank v Srinivasan [2019] EWHC 89 (Ch) Successfully defended a personal guarantor accused of fraudulent misrepresentation of a $37 million loan borrowed by a US wind energy company. Won on grounds of breach of full and frank disclosure by the bank.
• Ellis v Digit Europe (CL-2021-000753) Successfully argued six applications in a crypto fraud worth about £10 million. Successfully represented a wealthy pensioner who was the victim of the fraud in an application for permission to serve by alternate means, Norwich Pharmacal orders, gagging and interim confidentiality orders and a first of its kind worldwide freezing injunction over 183 bitcoin.
• Tonstate Group Limited (in liquidation) and others v Gil Wojakovski 2024  Defended a middle eastern national in a hard-fought claim for misappropriation of company funds. Instructed to contest jurisdiction and oppose disclosure under a Bankers Trust order. Justice Adam Johnson praised “Ms Vora’s thoughtful submissions”.
• Representing a Vietnamese company, who are victims of an email compromise fraud, in a claim against HSBC bank. 
• Instructed by a manufacturer of generic pharmaceuticals to bring an action worth about £14m against a big four accounting firm for breach of receivers’ duties following the sale by them of a company at undervalue.
• Advised a family office in the diamond industry on letters of request in over seven countries and worldwide freezing injunctions.
• Advised foreign investors in an online British jewellery business where the sweat-equity shareholder was siphoning sums via fraudulently programmed payment gateways.
• Advised a minority shareholder of a conferences business on bringing an unfair prejudice petition against majority shareholders who were desirous of launching the conference in cities outside the UK under the same brand but under a company structure that excluded the minority shareholder.

“A very hard working lawyer, who is always ready to go the extra mile for her client. Her written advocacy is of a high standard and she is able to break some complicated issues and present them in a simplified and persuasive manner.” The Legal 500 UK 2022   

Karishma has considerable expertise in tech disputes and is frequently engaged to advise on matters concerning breach of contract or fraud with an intersection of technology. 

She understands the latest methodologies, has expertise in interpreting IT forensic evidence and is effective in presenting its findings to tribunals. She is instructed on disputes arising out of investments in tech companies, crypto and email compromise fraud and ERP disputes.

Karishma has a strong track record for injunctive proceedings (for claimants and defendants) in cases involving digital assets, including freezing and proprietary injunctions, disclosure orders and applications for permission to serve proceedings out of the jurisdiction. 

Karishma has lectured widely on the impact of technology in disputes in conferences organised globally.

Cases of note

• Ellis v Digit Europe Limited (CL-2021-000753) Successfully argued six applications including permission to serve out and by alternate means, Norwich Pharmacal order, gagging order, interim confidentiality order and worldwide freezing injunction over 183 bitcoin against the alleged perpetrators of a crypto fraud worth about £10 million.
• Advising a large cybersecurity distributor in the Middle East on a breach of a software product reseller agreement.
• Successfully represented an Asian company that was a victim of an email compromise fraud by obtaining a settlement with English banks. Involved Norwich Pharmacal orders and discussions of proprietary injunctions.
• Represented JSW Steel in a dispute against one of its stockyards in a matter concerning stock shortage and tampering of ERP software.
• Advised foreign investors in an e-commerce British jewellery business where the sweat-equity shareholder was siphoning sums via fraudulently programmed payment gateways.
• Regular advisor to Intellect Design, a well-known ERP software provider. 

“Her analytical and systematic approach to matters are just one of her may hidden strengths.” A client instructing her on an LCIA arbitration

Karishma is instructed in arbitrations under the auspices of the ICC, LCIA, SIAC, ICA and MCIA rules and in commodity arbitrations such as under the LME and RSA rules. She regularly acts as an arbitrator on a panel of three or as a sole arbitrator in ad hoc and institutional arbitrations.

Cases of note

• Instructed in a Dubai-DIFC seated arbitration between shareholders of a private wealth management company. The case concerns breach of non-compete provisions.
• Instructed in a Mumbai-seated arbitration between a leading airline and its food delivery service on issues emanating from a request to tender. Instructed to advise on the appointment of arbitrators by the Indian courts.
• Uttam Galva Steels Ltd v Gunvor Singapore Pte Ltd [2018] 2 Lloyd’s Rep 152 Defended a US$ 35 million claim under the London Metal Exchange arbitration rules and brought a section 67 challenge. This is the leading English judgment on whether an arbitrator has powers to grant summary judgment and the arbitrability of bills of exchange in circumstances where the arbitration clause is in separate master sales agreements.
• Malhotra v Malhotra [2012] EWHC 3020 (Comm) Represented exiting shareholders in a Geneva seated, LCIA arbitration governed by English law concerning breach of non-compete provisions in a US$225 million private equity dispute.
• Instructed by a leading defence manufacturer in a US$ 200 million liquidated damages arbitration seated in Asia.
• Attended an interim application before the Commercial Court in London in aid of a US$ 400 million Singaporean arbitration under SIAC rules pursuant to the trigger of a share pledge in the automobile industry. The dispute arose between a Thai and Indian party. 
• Defended a US$ 79 million London-seated LCIA arbitration concerning the acquisition of a Russian coal mine between a Singaporean and Russian party.
• Instructed in a US$ 1 million London-seated LCIA arbitration by a leading distributor of skincare products in China against a European manufacturer.
• Represented a  steel conglomerate in a SIAC arbitration against a Chinese company in relation to payments that were the subject of fraud.
• •    Karishma is frequently instructed in arbitrations before the Refined Sugar Association (RSA) and has acted in matters arising out of CNF and FOB contracts for the shipment of sugar and other commodities.

“Her analytical and systematic approach to matters are just one of her may hidden strengths.” A client instructing her on an LCIA arbitration

Karishma is regularly appointed as an arbitrator and is empanelled with the LCIA, ICC, MCIA, ICA and Mauritius International Arbitration Centre (MIAC). She sits as a sole arbitrator and co-arbitrator in commercial and commodities disputes on an ad hoc basis and under leading institutional rules. She is familiar with the ICC, SIAC, LCIA, DIAC, LMAA, ICA and MCIA rules as well as rules framed by commodity exchanges such as the LME, RSA and SAL rules. She has particular expertise in cross-border arbitrations involving foreign law, foreign parties or both. She has handled matters across a range of industry sectors and geographies.

She has authored a chapter on anti-suit injunctions in a book titled "Commercial Arbitration: International Trends and Practices" published by Thomson Reuters and a chapter on Indian arbitration to be published by Elgar. 

Cases of note

• Serving as a sole, LCIA-appointed arbitrator, in a English law governed commodities dispute between two middle-eastern parties. 
• Co-arbitrator on a three-member tribunal in a London-seated LCIA arbitration governed by Indian law concerning declaratory reliefs pursuant to a joint venture consortium winning a government tender in Asia. Preliminary issues concern whether a dissolved JV partner can validly take steps in the arbitration.
• Co-arbitrator in a London-seated, English-law governed arbitration under the London Maritime Arbitrators Association (LMAA) rules in a claim for demurrage, cargo and loss of profit.
• Sole arbitrator appointed by the Mumbai Centre for International Arbitration (MCIA in an Indian-law governed arbitration seated in Mumbai concerning disputes between a leading automobile manufacturer and its distributor.
• Sole arbitrator appointed by the Indian Council of Arbitration (ICA) in an India seated international arbitration between a Korean and Indian party concerning commodities trade and the possible consolidating three arbitrations.
• Sole arbitrator appointed by the ICA in a dispute concerning the breach of an FOB contract between two Indian parties.

"Karishma is extremely hard working and committed to her clients. She is responsive, friendly and a pleasure to deal with. She pursues her client’s interests with dogged determination and does a lot of oral advocacy. She is known for her work on India related disputes."  The Legal 500 UK 2023

Karishma was a litigator in Mumbai for six years before relocating to London and appeared before the Bombay High Court, Debt Recovery Tribunal and Company Law Board (predecessor to the NCLT), acting for clients such as Tata Motors, HDFC Bank, Calyon Bank, Bank of Baroda and family-run business conglomerates.

Karishma is instructed as counsel and arbitrator in domestic Indian arbitrations . She is frequently instructed  as expert on Indian law before courts in England.

Cases of note

• Instructed by Ince & Co to represent a Middle Eastern client in a high stake arbitration against the Government of India seated in Delhi and governed by Indian law.
• Instructed by Montblanc in a matter before the High Court in England on the invalidity of personal guarantees.
• Instructed by a leading Indian steel company in an INR 9 crore dispute against its stockyard in south India in a dispute concerning shortage and tampering of ERP software.
• Advised an English power company that supplies equipment to the national electricity board of the Government of India on how to exit a joint venture and frustration of contract under Indian law.
• Instructed as a joint expert in English proceedings disputes concerning remittance of funds out of India and provisions of India’s Foreign Exchange Management Act (FEMA), oral contracts and enforcement of English judgments in India.
• Previous experience as counsel in India:
  • Represented the supplier of industrial gases to a steel plant in a matter concerning the breach of a negative covenant. Inox v SJK Steel.
  • Successfully lifted an interim injunction that had been granted ex parte against the respondent bank in respect of a disputed letter of credit. Glencore International v Calyon Bank.
  • Defended a winding up petition for a company that was awarded a tender to supply wire to the Ethiopian government and had sub-contracted its manufacturing to the petitioner. Sunderji Mulji v Jyoti Structures.
  • Represented the claimant in a matter concerning the award of a tender to construct one phase of Mumbai’s JNPT port. Great Eastern Shipping v ONGC.
  • Represented the respondent port in Dighi Koli Samaj v Dighi Port, a matter filed by local fishermen against the construction of a port.
  • Assisted in defending a summary suit at the Bombay High Court. DBS Bank v Uttam Galva Steels. (led)
  • Represented HDFC bank in a summary suit to enforce a corporate guarantee. HDFC Bank v Priyadarshini.
  • Represented a high net worth individual, whose equity derivative investments had been sold at a loss by his stock broking firm without instructions, despite sufficient margin monies.
  • Represented Bank of Baroda, Bank of Maharashtra, Bank of India and other banks in several hearings before the Debt Recovery Tribunal (a specialist tribunal for bank loan defaults having jurisdiction equivalent to that of the High Court).

“Extremely astute, focused, and observant. A pleasure to work with.”  The Legal 500 EMEA 2024 (Tier 1) 

Karishma is ranked by The Legal 500 in band 1 for commercial litigation in the Middle East and Africa. She has full rights of audience before the DIFC Court and is instructed in a range of high-stakes Middle Eastern matters including landmark and novel DIFC court litigation and DIAC arbitration.

Cases of note

• Emirates NBD Bank v KBBO DIFC Claim No. CFI-045-2020, order dated 18 August 2021 Karishma, leading a team, successfully lifted a US$300m freezing injunction for a guarantor at the DIFC Court. The banks settled with her client in this matter linked to the NMC Health scam. Successful against a KC in setting aside a US$ 294 million freezing injunction at the DIFC Court on behalf of a Dubai-based cyber security company in a matter arising out of a forged corporate guarantee.
• Karishma represents a leading Dubai based venture capital firm and obtained a successful settlement for it against a South Korean company in a Singapore-seated ICC arbitration in relation to the non-payment of brokerage fees.
• Successfully represented an Abu Dhabi group in a mediation against a European defence manufacturer arising out of a distribution agreement for jet spare parts.
• Represented a sheikh in an application to set aside default judgment brought by an ex-employee before the High Court in London.
• Standing counsel for a well-known Dubai-based fund and vets all their agreements that are governed by English law. She recently advised on a convertible loan agreement for investment in a tech company.
• Advised an Indian company against a UAE investor on the forfeiture of shares in a contract governed by English law.
• Advised a group of investors on the effect of a DFSA regulatory finding against the Al Masah fund.