June 16, 2022
Shalakany Successfully Defends an Application for an Interim Measure Halting the Liquidation of On-Demand Bonds
Shalakany is pleased to announce that it secured its third consecutive win for its client, a leading real estate developer in Egypt and the Middle East, before various national courts up to the Egyptian Cour de Cassation with respect to several Applications for interim orders brought forward by the opposing party seeking to halt the liquidation of multiple letters of guarantee for a total amount exceeding EGP 110 million.
Shalakany defended its client’s interests against the Application filed by the opposing party, and successfully obtained a favorable ruling from the Interim Court rejecting the Application. Therefore, we were able to confirm our client’s right to proceed with liquidating the total value of the relevant bonds.
The Application was filed by the opposing party in parallel with an ICC arbitration case in which Shalakany also defends its client’s interest and which is currently pending the issuance of an arbitration award by the ICC arbitral tribunal.
The Shalakany team handling this matter is comprised of Muhammad Ussama (Partner), Nadine Nassef (Associate), and Omar Hanafy (Associate).
Muhammad Ussama (Partner) leading the team working on the Applications for interim relief said: “We are happy to have secured this third win in a row in relation to the opposing party’s Applications for interim relief, and we look forward to crowning said wins with a win on the merits in the ICC Arbitration.”
Shalakany defended its client’s interests against the Application filed by the opposing party, and successfully obtained a favorable ruling from the Interim Court rejecting the Application. Therefore, we were able to confirm our client’s right to proceed with liquidating the total value of the relevant bonds.
The Application was filed by the opposing party in parallel with an ICC arbitration case in which Shalakany also defends its client’s interest and which is currently pending the issuance of an arbitration award by the ICC arbitral tribunal.
The Shalakany team handling this matter is comprised of Muhammad Ussama (Partner), Nadine Nassef (Associate), and Omar Hanafy (Associate).
Muhammad Ussama (Partner) leading the team working on the Applications for interim relief said: “We are happy to have secured this third win in a row in relation to the opposing party’s Applications for interim relief, and we look forward to crowning said wins with a win on the merits in the ICC Arbitration.”
