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Travis Coal Restructured Holdings Llc v Essar Global Fund Ltd

2014

COMMERCIAL COURT

United Kingdom

CORAM

  • MR JUSTICE BLAIR

Areas of Law

  • Alternative dispute resolution
  • Civil Procedure
  • Conflict of Laws
  • Commercial Law
  • Contract Law
  • Banking and Finance Law

AI Generated Summary

Mr Justice Blair considered EGFL’s application, in English enforcement proceedings brought by Travis, to adjourn recognition/enforcement of a New York‑seated ICC award pending EGFL’s US vacatur petition. The underlying dispute arose from a New York‑law Guarantee linked to EGFL’s acquisition of Trinity; the ICC Tribunal rejected EGFL’s fraud defenses, declined to apply US$49.3m in letters‑of‑credit collateral to the cap, and awarded US$148m plus interest and costs. Applying the IPCO/Soleh Boneh sliding scale and comity, the court found EGFL’s challenges (summary judgment procedure and collateral estoppel) had no realistic prospect of success, but to avoid conflicting decisions with the US seat court, granted an adjournment. Given prejudice risks from asset restructuring and EGFL’s UK connections (including Essar Energy Plc), the adjournment was conditioned on EGFL providing suitable security for the full award.