Oon & Bazul LLP

Litigation & Dispute Resolution

Partner, Litigation & Dispute Resolution

Elan Krishna is a Partner in the firm’s Litigation & Dispute Resolution Practice.

Prior to joining the firm, Elan was a Partner in the Formal Alliance Partner of a UK Magic Circle firm. He has spent time working in Paris and London.

Elan has acted for corporate and individual clients in a wide variety of high-value and complex international commercial arbitration matters, with a particular focus on arbitrations involving allegations of fraud, corruption or illegality. Elan has particular expertise in disputes arising in the aviation and logistics sector.

He also has an active litigation practice centering around complex commercial appeals and multi-jurisdictional insolvency matters.

Elan has been recommended in Legal 500 Asia-Pacific with clients praising him as ‘relentlessly productive’ and listed as a “Rising Star” for Commercial Arbitration in Euromoney’s Expert Guides. He is recognized as a key lawyer by Legal 500 Asia-Pacific in the fields of commercial arbitration, litigation and insolvency.

Elan is a member of the Law Society of Singapore’s Inquiry Committee. He is also accredited as a Fellow with the Chartered Institute of Arbitrators and the Insolvency Practitioners’ Association of Singapore. Elan was recently appointed as a Representative (South Asia) for ICC Young Arbitration and ADR Forum for the 2024-2026 mandate.

Notable Cases:

Arbitration

Representing a leading Dubai based conglomerate in an SIAC arbitration against a BVI entity backed by an Indian promoter. This was a shareholder dispute between the parties arising out of investment in a power plant in India built at a cost of more than USD 1 billion. The matter eventually settled on terms favourable to the client. Representing an Indian telecommunications company in an SIAC arbitration arising out of a share purchase agreement valued at more than USD 800 million. The tribunal comprised of a former IBA Vice President, a former Law Lord from the House of Lords and a former Chief Justice of Australia. Acting for a German multinational conglomerate and its American subsidiary in an ICC arbitration against the owners of a geothermal plant in the Philippines. The dispute was governed by Philippines law and related to the rehabilitation of three geothermal steam turbine generators, as well as their associated auxiliary equipment and facilities. The proceedings included a two-day hearing for a partial award application by the opposing side. Acting for a leading UK bank in an LCIA arbitration arising out of a dispute with an Indian company for payments under certain swap agreements pursuant to a 1992 ISDA Master Agreement. Acting for one of India’s most prominent property developers in four related LCIA arbitrations against a UK listed entity. The dispute involved four property developments in India and investments in excess of £ 350 million. Acting for the shareholders of a leading Thai construction materials company against the subsidiaries of a listed Australian construction company in an SIAC arbitration arising out of alleged misrepresentations and breaches of a share purchase agreement for shares valued at USD 26 million. The client was wholly successful in its claims and resisting counterclaims brought by the other side. Advising a global hospitality company on potential ICC arbitration proceedings arising out of a share subscription agreement. The dispute relates to the construction and development of a resort in the Maldives at the cost of USD 42 million. The matter eventually settled on terms favourable to the client. Acting for a Middle Eastern state-linked company in an ICC arbitration seated in Paris under English law. One of the central allegations in the arbitration is that the sale contract for commodities was a sham to evade certain customs and banking regulations of the Middle Eastern state, along with the EU/UN/US sanctions against Iran. The sum in dispute was USD 23.1 million and the matter eventually settled on terms favourable to the client at the eve of the hearing. Acting for a Singapore subsidiary of a leading defence supply contractor in an ICC arbitration relating to a claim for unpaid consultancy services relating to the provision of helicopters to the police and armed forces of a South East Asian country. The dispute is governed by Singapore law, seated in Singapore and involves corruption investigations by various regulatory authorities in France, the UK and the United States. The client was wholly successful in resisting the claims brought by the other side. Acting for one of the world’s leading alternative asset managers in relation to unpaid interest and redemption payments pursuant to certain debt securities issued by a major Indian infrastructure development group. The dispute involves two Indian-seated arbitrations under the SIAC Rules. The amount in dispute was USD 230 million. The client was wholly successful in its claims and resisting counterclaims brought by the other side. Representing a Japanese aircraft leasing company in an LCIA arbitration against an Indonesian lessor. The dispute involved an aircraft engine valued at USD 10 million and outstanding rents under the engine lease agreement. The matter eventually settled on terms favourable to the client at the eve of the hearing. Representing an Indonesian commodities company in two parallel SIAC arbitration proceedings against a major Thai mining company arising out of breaches of coal supply agreements. The dispute involved amounts in excess of USD 200 million.

Litigation

Representing an independent director of an SGX-listed company in successfully appealing convictions for alleged breaches of the Securities and Futures Act (reported as Madhavan Peter v Public Prosecutor and other appeals [2012] SGHC 153). Acting in the then-largest case of commercial fraud in Singapore leading to landmark Court of Appeal decision involving issues of agency, vicarious liability, negligence and restitution (reported as Skandinaviska Enskilda Banken AB (Publ), Singapore Branch v Asia Pacific Breweries (Singapore) Pte Ltd and another and another appeal [2011] 3 SLR 540). Representing a managing director of an oil and gas logistics company in an action to aside a Mareva injunction and an Anton Piller order and to resist an application for leave to commence a statutory derivative action (reported as Fong Wai Lyn Carolyn v Airtrust (Singapore) Pte Ltd and another [2011] 3 SLR 980). Acting for certain shareholders of the Samwoh Group in a major dispute before the Singapore Court of Appeal in relation to the valuation of shares in the group which were valued at up to SGD 110 million (reported as Liew Kit Fah and others v Koh Keng Chew and others [2019] SGCA 78). Acting for Singapore’s largest supply-chain company in an appeal to the Singapore Court of Appeal arising out of the compulsory acquisition of the company’s premises for a public purpose under the Land Acquisition Act. The amount in dispute is SGD 34 million (reported as YCH Distripark Pte Ltd v The Collector of Land Revenue [2019] SGCA 59) Acting for a Swiss private equity firm in a dispute involving a put option under a guaranteed return agreement. The amount in dispute was in excess of SGD 33 million. The matter eventually settled on terms favourable to the client at the eve of the hearing. Acting for a receiver appointed by a global private equity house in an application to the Singapore High Court for the production of information and documents in relation to the sale of certain pledged shares in a pharmaceutical company (reported as Victory International Holdings Pte Ltd v Cosimo Borrelli [2024] SGHC 79) Representing a listed Singapore logistics company in Singapore High Court proceedings relating to the stay of enforcement of an arbitral award for the transfer of certain shares valued in excess of USD 60 million (reported as DJA v DJB [2024] SGHCR 10) Acting for a major Indonesian conglomerate in SICC proceedings to stay the enforcement of and set aside an arbitral award for an amount in excess of USD 700 million. The matter involved complex issues of fraud and natural justice in the SIAC arbitration proceedings below.

Insolvency and Restructuring

Advising the liquidators of the Singapore subsidiary on the insolvency of one of the world’s largest marine bunker company. The insolvency proceedings involved claims by a syndicate of lending banks arising from a facilities agreement of USD 700 million and relating to global receivables of in excess of USD 1.3 billion. Advising a leading global bank acting as trustees of a USD 500 million Islamic trust certificate facility following the insolvency of a SGX-listed offshore marine company. Advising a syndicate of major lending banks on enforcement and restructuring options in relation to a USD 135 facility agreement for finance the acquisition costs of a jack-up drilling rig. The matter involved complex issues of Singapore, New York and Indian law on enforcement of security, including the potential arrest of the rig in India. Advising a major European bank on enforcement options in relation to multiple facility agreements with the subsidiaries of Ezra Holdings, a SGX-listed integrated offshore support provider for the oil and gas industry which entered Chapter 11. The matter involved multiple schemes of arrangements and associated proceedings before the Singapore courts. The bank client had exposure in excess of SGD 40 million. Advising a major European bank on schemes of arrangements and moratorium applications by Hyflux Ltd (and its subsidiaries), a SGX-listed global leader in the water treatment and seawater desalination market. The bank client had exposure in excess of SGD 130 million. Advising a leading European bank in relation to its exposure arising from the collapse of Hin Leong Trading, Singapore’s largest oil trading company, whose management had deliberately failed to disclose USD 800 million of trading losses. Representing advised Oslo-listed Prosafe SE, the world’s premier owner and operator of marine vessels, on the successful restructuring of its US$1.6 billion facilities and a NOK2.5 billion (US$283.6m) bond debt. The financial restructuring was implemented via the use of Singapore moratoria recognized in Brazil, where the vessels were located, inter-conditional schemes of arrangement in Singapore launched by Prosafe and its Singapore subsidiary, Prosafe Rigs, which were sanctioned in a landmark case before the Singapore High Court. Advising the ad hoc group of noteholders in relation to the USD 1.8 billion restructuring of Indonesia’s largest listed textile company and certain of its Singapore subsidiaries through a PKPU process. The matter involved parallel scheme proceedings in the Singapore courts and complex issues of Indonesian and New York law. Advising one of the world’s largest aircraft leasing companies in relation to its global restructuring. The matter involved various contingency planning to ensure that the various Singapore subsidiaries are restructured in accordance with the Chapter 11 plan. Representing a Japanese offshore drilling company in recognition proceedings before the Singapore High Court under the Model Law. The matter involved the repayment of approximately USD 180 million in debt to creditors.

Regulatory

Advising a leading British bank in relation to an MAS investigation into possible manipulation of Singapore dollar interest rate benchmarks – the Singapore Interbank Offered Rates (SIBOR) and Swap Offered Rates (SOR) – and the Foreign Exchange spot benchmarks (FX Benchmarks) that are commonly used to settle Non-Deliverable Forward FX contracts. Advising a leading British bank in relation to investigations by Singapore, Hong Kong, UK, US and Japanese regulators into possible manipulation of WM/Reuters rates and other benchmark rates used to settle FX contracts. Advising a leading British bank in relation to an MAS investigation into possible breaches of the Financial Advisers Act and the Securities and Futures Act through the trading conduct of its employees. Advising a global asset management business in relation to an MAS investigation into possible front-running activities by two of its traders and potential client impact. Advising a leading defence supply contractor on the regulatory risks in various Asia-Pacific jurisdictions associated with entering into the largest ever deferred prosecution agreement with the US, UK and French regulatory authorities. Advising a leading US financial institution in relation to potential tax/ regulatory investigations arising from the conduct of its representative office in India. The matter involved submissions to the RBI and the Indian tax office. Advising a leading US bank in relation to an anti-bribery and corruption investigation relating to various procurement/ construction/ vendor contracts related to construction projects in India valued in excess of USD 300 million. The complex matter involved allegations of sexual harassment, workplace bullying and retaliation against whistle-blowers. Advising a major French bank on suspicious transaction reporting obligations arising from potential insider trading offences by a customer of its Singapore and overseas branches. Advising a global aerospace company in an internal investigation relating to the manufacturing process of certain aircraft spare parts.

Awards & Accolades:

Recognized as a “Key Lawyer” by Legal 500 Asia-Pacific in the fields of commercial arbitration, litigation and insolvency, with clients praising him as ‘relentlessly productive’. Listed as a “Rising Star” for Commercial Arbitration in Euromoney’s Expert Guides.

English

Elan is a member of the Law Society of Singapore's Inquiry Committee. He is also accredited as a Fellow with the Chartered Institute of Arbitrators and the Insolvency Practitioners’ Association of Singapore. Elan was recently appointed as a Representative (South Asia) for ICC Young Arbitration and ADR Forum for the 2024-2026 mandate.

National University of Singapore (LL.B.)

New York University (LL.M.)