A Abu Dhabi court sentenced to Dubai Islamic Bank against MMC managers, in a case that may hold debt restructuring of dollars' health care company.
According to Arab NMC last year's troubles, after detecting more than $ 4 billion from the hidden debt and placed its business in the UAE under the Department of Abu Dhabi International Financial Center Courts ADGM.
Dubai Islamic Bank, revealed more than $ 400 million on NMC debts, where he lends the company using well-known guarantees on behalf of insurance dues, which are related to payments by medical treatment insurance companies.
Alvarez Marsal raised the company responsible for NMC lawyer in ADGM courts last month to get the right to use these securities demanded by Dubai Islamic Bank, to push for other creditors.
But Judge in the Abu Dhabi World Market said this week that the Court had no jurisdiction over the agreements governing securities and that legal proceedings should be suspended on this basis, according to the ADGM courts documented on 24 May, Reuters was shown. / p>
Dubai Islamic Bank to obtain rights to insurance benefits in the cases raised in Dubai, and Alvarez Marsal wanted to be included in the NMC management process organized by ADGM, an external court.
A source close to the issue spoke to Reuters, provided that his identity was not disclosed: In terms of essence, the Abu Dhabi World Stock Exchange spoke not to their jurisdiction. These securities will remain responsible for NMC while go ahead with debt restructuring.
The source said that this increases the risk of further resolution in settling ongoing disputes related to NMC, which may hold debt restructuring in general.
