Arbitral Digest

Matter

IGCF General Partner Ltd v White Crystals Ltd (Grand Court of the Cayman Islands FSD2025-0028 (JAJ))

Seat
England
  1. 14 October 2025Cayman Islands

    14 October 2025Cayman Islands

    Judgment of the Grand Court of the Cayman Islands, Financial Services Division, in case FSD2025-0028 (JAJ) dated 14 October 2025

    Grand Court of the Cayman Islands, Financial Services Division

    Case no.
    FSD2025-0028 (JAJ)
    Citation
    [2025] CIGC (FSD) 98
    Decision summary
    The Court stayed the proceedings in favour of the Second LCIA Arbitration, holding that the arbitration agreement in clause 11.8 of the limited partnership deed governed the parties' disputes and that the claims were direct claims within the arbitration clause, not derivative claims. It held that the Fund's voluntary liquidation did not prevent White Crystals Ltd and Islamic Development Bank from pursuing the arbitration, and dismissed the Plaintiffs' application for an interim injunction restraining White Crystals Ltd from continuing it.

    Supporting details

    23 authorities · 13 participants
    IGCF General Partner Limited
    Representative
    Tom Lowe KC (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    Representative
    Conal Keane (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    Representative
    Niall Dodd (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    Representative
    Alan Quigley (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    Representative
    Dillon Eustace (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    The Infrastructure and Growth Capital Fund L.P.
    Representative
    Tom Lowe KC (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    Representative
    Conal Keane (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    Representative
    Niall Dodd (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    Representative
    Alan Quigley (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    Representative
    Dillon Eustace (For: IGCF General Partner Limited · The Infrastructure and Growth Capital Fund L.P.)
    White Crystals Ltd
    Representative
    Iain Quirk KC (For: White Crystals Ltd)
    Representative
    Jonathan Stroud (For: White Crystals Ltd)
    Representative
    Vered Mazin (For: White Crystals Ltd)
    Representative
    Bedell Cristin Cayman Partnership (For: White Crystals Ltd)
    Grand Court of the Cayman Islands, Financial Services Division

    Authorities cited

    23
    • Cayman Islands Exempted Limited Partnership Act (2025 Revision) (Exempted Limited Partnership Act (2025 Revision))
      statute
    • Cayman Islands Companies Act (2025 Revision) (Companies Act (2025 Revision))
      statute
    • Cayman Islands Arbitration Act (2012 Revision) (Arbitration Act (2012 Revision))
      statute
    • Cayman Islands Foreign Arbitral Awards Enforcement Act (1997 Revision) (Foreign Arbitral Awards Enforcement Act (1997 Revision))
      statute
    • Ace Capital Ltd v CMS Energy Corp [2008] EWHC 1843 (Comm)
      case
    • Surrey CC v Suez Recycling and Recovery Surrey Ltd [2021] EWHC 2015 (TCC)
      case
    • Paul Smith v H & S International Holding Inc [1991] 2 Lloyd's Rep 127
      case
    • Axa Re v Ace Global Markets Ltd [2006] 1 Lloyd's Rep 682
      case
    • Shell International plc v Coral Oil Co Ltd [1999] 1 Lloyd's Rep 127
      case
    • Sul America Cia Nacional de Seguros SA & Others v Enesa Engenharia S.A. & Others [2012] 1 Lloyd's Rep 275
      case
    • Kuwait Ports Authority v Williams [2024] UKPC 32
      case
    • Konamaneni v Rolls Royce Industrial Power (India) Ltd [2002] 1 W.L.R. 1269
      case
    • Fargro Ltd v Godfroy [1986] 1 W.L.R. 1134
      case
    • Barrett v Duckett [1995] BCC 362
      case
    • Re Core VCT [2019] BCC 845
      case
    • Fakhry v Pagden [2021] BCC 46
      case
    • Re Padma Fund L.P. [2021] 2 CILR 556
      case
    • FamilyMart China Holding Co Ltd v Ting Chuan (Cayman Islands) Holding Corp [2023] UKPC 33
      case
    • Republic of Mozambique v Privinvest Shipbuilding SAL (Holding) [2023] UKSC 32
      case
    • Fiona Trust v Privalov [2007] UKHL 40
      case
    • Ren Ci v Nebula (Cayman) Ltd (unreported, 16/02/23)
      case
    • Ashville Investments Ltd v Elmer Contractors Ltd [1989] QB 488
      case
    • NDK v HUO
      case
  2. Date not availableEngland

    Date not availableEngland

    Second LCIA Arbitration

    London Court of International Arbitration

    Supporting details

    4 participants
    White Crystals Ltd
    Islamic Development Bank
    IGCF General Partner Limited
    Sage Venture Group Ltd
    London Court of International Arbitration

Matter record

Report a correction

IGCF General Partner Ltd v White Crystals Ltd (Grand Court of the Cayman Islands FSD2025-0028 (JAJ)) · Matter