BNP Paribas Seeks Enforcement of $118M UAE Judgment
The bank is asking a London court to recognize a 2023 UAE judgment against businessman Prerit Goel.
Updated on Oct. 21, 2026 in Financial Crime
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BNP Paribas is attempting to enforce a US$118 million judgment in a London court against Prerit Goel. The bank cites losses from a trade finance facility tied to the collapse of Gulf Petrochem, where Goel held a 22.7% ownership stake.
Why it matters
The case centers on the validity of foreign court rulings and allegations of fraud regarding notice of service. Prerit Goel claims he was unaware of the original UAE legal proceedings until January 2025.
BNP Paribas is requesting a summary judgment to enforce a 2023 UAE ruling, while Prerit Goel argues the court lacked jurisdiction and that the judgment was obtained fraudulently.
The players
BNP Paribas
This is a French international banking group that provides corporate and institutional banking services globally.
Prerit Goel
He is a businessman and former stakeholder in Gulf Petrochem who is currently involved in international legal proceedings.
Gulf Petrochem
This was an oil and petroleum products company that collapsed in 2020 following discovery of financial irregularities.
The details
The bank alleges that forged invoices led to significant losses when Gulf Petrochem collapsed in mid-2020. Goel, who has since rescinded his Indian citizenship to become a citizen of Vanuatu, is also facing travel restrictions from a Delhi high court order.
Timeline
Gulf Petrochem collapsed and forged invoices were discovered in mid-2020.
A UAE court issued a judgment against Prerit Goel in 2023.
Gulf Petrochem filed for bankruptcy in the UAE in September 2024.
Goel claims he first learned of the UAE judgment in January 2025.
A London court held a hearing on the summary judgment on October 20-21, 2026.
Legal Context
This enforcement action follows the pattern of international litigation arising from the 2020 collapse of Gulf Petrochem. It highlights the complexities of cross-border recognition of financial judgments in cases involving alleged fraud.
The proceedings demonstrate the legal mechanisms creditors use to recover assets across borders after corporate failures. Residents and businesses should note that enforcement can span multiple jurisdictions, including India and the UK, following such collapses.
The takeaway
This case underscores the challenges of serving legal notice in international disputes and the importance of jurisdictional compliance. Creditors in similar positions often face years of litigation before foreign judgments are successfully recognized abroad.
Further reading
Learn more about the evolving landscape of international legal enforcement in our Financial Crime section.
Source note: This article includes information reported by Global Trade Review (GTR).
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