Summary

This is an application by the Defendants ('Crescent') for an order requiring the Claimant ('NIOC') to pay a component of the judgment debt into court by way of security as a condition of permission to appeal the summary dismissal of its section 67 challenge. As with many aspects of the dispute between these parties, the debate on this matter has already become protracted and I considered that it was important, if possible, to give this judgment at once rather than for there to be a further delay.

The nature of the dispute between the parties is set out in my judgment of 21st October 2022, [2022] EWHC 2641 (Comm). In that judgment I decided that Crescent failed in relation to its preliminary issue under section 73 of the Arbitration Act but it succeeded in its application for summary judgment on the basis that NIOC's section 67 application had no real prospect of success

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