CL-2025-000376 - [2025] EWHC 2875 (Comm)

The NPP Parties proposed that the Disputed Proceeds be kept within FIP Coremas pending the resolution of the parties’ disputes. The Respondents did not accept this proposal. On 14 August 2025, the NPP Parties issued Injunction Applications to preserve the status quo pending the outcome of the English Proceedings and the Arbitration. Following an ex parte hearing on 15 August 2025, Robin Knowles J. ordered that the Respondents be restrained from disposing of, dealing with or diminishing the value of the Sale Proceeds (the “Injunction Orders”). The return date was listed for 28 August 2025.

On 28 August 2025, a special meeting of the quotaholders of FIP Coremas was convened by TMF, at which the majority quotaholders (NPP Brazil I and NPP Brazil II) voted in favour of the commencement of “arbitration proceedings aimed at the consignment of [the Disputed Proceeds]”, without prejudice to the Injunction Applications and the jurisdiction of the English Court.

The return date was adjourned on the application of the TMF Parties and Bryan J. instead continued the injunctions and gave directions for the present hearing. The Applicants and the TMF Parties then agreed that the injunctions against the TMF Parties would be discharged in exchange for the TMF Parties giving undertakings to the Court that they would pay the Disputed Proceeds into escrow (the “TMF Undertakings”).