DIFC Courts - Al Tamimi & Company successful in AED1.9 billion Immediate Judgment application

Date: 17 May 2022

In one of the largest judgements issued by the DIFC Courts, the Court has granted Immediate Judgment to nine banks following the failure by the borrower and eight guarantors to re-pay AED1.9 billion syndicated conventional and Islamic facilities (and other failures). 

Al Tamimi & Company was instructed by the syndicate and in succeeding at this early procedural stage, the banks have avoided very significant costs and the lengthy preparations required for a multi-day trial, including disclosure and further witness evidence. The banks have potentially been saved from years of litigation.

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