New BCCI law battle
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A GROUP of creditors of the collapsed Bank of Credit and Commerce International yesterday resumed their legal battle against the controversial 30p-in-the- pounds 1 settlement deal sanctioned by the High Court last month.
The creditors, led by Adil Elias, chairman of the BCCI Depositors Protection Association, are challenging the decision of the Vice- Chancellor, Sir Donald Nicholls, to approve proposals negotiated by UK liquidators Touche Ross with the Abu Dhabi government, BCCI's majority shareholder.
Their counsel, David Hunt QC, contended in the Court of Appeal that the judge had wrongly substituted his own commercial judgment for that of creditors who had rejected the deal.
Mr Hunt argued there was a 'fundamental flaw' in the decision. The correct legal approach was that the wishes of the majority of creditors were paramount, he said.
The appeal is scheduled to last three days.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments