M&C represented a leading Indian telecommunications provider in securing an interim freezing order over shares in connection with a USD 17.49 million cross-border recovery dispute.
The High Court Division recently granted interim relief in a significant cross-border commercial dispute involving one of India’s one of the largest telecommunications providers and a Bangladeshi corporate group.
The dispute arose from unpaid telecommunications services provided under a series of commercial agreements between the parties. Following the alleged default by the Bangladeshi counterparty, claims amounting to approximately USD 17.49 million arose, giving rise to a large-scale cross-border recovery effort involving entities and stakeholders across multiple jurisdictions.
The matter required the coordination of legal and commercial considerations spanning Bangladesh and several foreign jurisdictions, and raised important issues relating to cross-border debt recovery, corporate liability, and the protection of assets pending the determination of claims.
Upon hearing the matter, the High Court Division granted interim relief by directing the freezing of shares held by the Respondent company, thereby preserving assets pending further proceedings.
The proceedings demonstrate the willingness of the courts of Bangladesh to grant protective measures in appropriate cases involving substantial commercial claims and cross-border disputes, particularly where asset preservation is sought in aid of recovery proceedings.
The matter was handled by the Cross-Border Dispute Resolution Team of Mahbub & Company, led by Saqeb Mahbub, Partner, Rifat Rahman, Senior Associate, and S. M. Shakil, Associate.
