JKD & Anor v IKC

Facts

JHA (the claimants) were contractors under a suite of contracts dated 5 March 2021, the EPC Contract, for the construction of a power plant in country C for IKC (the defendant). Santander issued on-demand Advance Payment and Performance Bonds in IKC's favour. Following a storm in March 2024 which JHA said caused substantial delay, JHA terminated the EPC Contract on 3 April 2025 for force majeure and demanded return of the Bonds; IKC disputed the termination and called on the Bonds the next day. JHA obtained an ex parte injunction in Spain restraining Santander from paying out, and, pursuant to an undertaking given there, commenced ICC arbitration in London on 15 May 2025. IKC separately sued Santander in the Commercial Court for payment under the Bonds; JHA's attempt to intervene was refused and its appeal dismissed by the Court of Appeal. On 12 November 2025 JHA applied to the Tribunal for interim measures restraining IKC's calls on the Bonds and Commercial Court proceedings. The Tribunal refused the application in a document titled Procedural Order No. 4 (PO4), applying an enhanced merits threshold rather than the prima facie test JHA said had been agreed. JHA applied to the Commercial Court to set aside PO4 as an award and remit it, alleging serious irregularity.