Summary

The Claimant, [DYX], filed applications (SIC/OA 1/2026 ("OA 1") and SIC/OA 2/2026 ("OA 2")) seeking the appointment of judicial managers for the Respondents, [DYY] and its wholly-owned subsidiary, [DYZ]. The Respondents are operating subsidiaries within a corporate enterprise group in which [HoldCo] sits at the top.

The Claimant is a fund incorporated in the Cayman Islands that receives and invests capital from third-party investors.2 The Claimant is managed by [BVI Manager],3 a management company controlled by [Mr X], who acts with advice from members of an investment committee.4 Both the BVI Manager and Mr X, in his individual capacity, are parties to a certain Waiver and Release Deed dated 16 January 2025 ("Waiver Deed") that is of pivotal importance in determining whether the Claimant should be permitted to move forward with the pending applications or whether the disputes should be referred to arbitration.

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Arbitration -- Stay of court proceedings -- Grounds -- Insolvency Law -- Judicial management -- Stay of proceedings in favour of arbitration