Nehali Shah

'Nehali is a razor-sharp technical lawyer. She has an outstanding eye for detail and knows the law inside and out. She is also very user-friendly.' Legal 500 2025 (Commercial Litigation)

• Autonomy Corporation v Lynch and Hossain
  Acting for Dr Lynch in HP’s US$5bn fraud claim arising out of its purchase of Autonomy. Led by Lord Wolfson KC, Richard Hill KC, and Sharif Shivji KC.
• Credit Suisse Virtuoso SICAV-SIF v Softbank
  Acting (with Sonia Tolaney KC) for the claimant in its claim under s.423 of the Insolvency Act 1986 in respect of transactions entered into by Greensill in relation to the Fairymead Note Programme.
• PA(GI) Limited v Cigna Insurance Services (Europe) Ltd
  Appearing (with Sonia Tolaney KC) in a Commercial Court trial for indemnification in respect of PPI mis-selling liabilities and related costs and expenses.
• Acting for a Big Four accounting firm in an auditor’s negligence claim for more than £100m.
• Rihan v EY Global Ltd & Ors (2020)
  Appearing (with Daniel Toledano QC and Josh Crow) for EY in a 3-week trial of a negligence and conspiracy claim brought by a former partner, relating to a reasonable assurance engagement in relation to a gold refiner in Dubai.
• Filatona Trading Ltd & Deripaska v Navigator Equities Ltd & Chernukhin [2020] EWCA Civ 109
  Appearing (with Justin Fenwick QC) for the Deripaska parties in the Court of Appeal, on an appeal from a s.67 challenge, in relation to the proper interpretation of a joint venture agreement and, in particular, whether it excluded the intervention of an unnamed principal.
• Barclays Private Trust Limited v. Ernst & Young LLP [2016] EWHC 869 (Comm)
  Appearing for EY (with Daniel Toledano QC) in a 4-week trial of a professional negligence claim arising out of financial due diligence in respect of the acquisition of the Esporta health and leisure business.
• Terra Firma v. Citibank
  For Terra Firma (with Lord Grabiner QC and David Wolfson QC) in $2bn claim against Citibank arising out of its acquisition of EMI in 2007.
• Starbev GP Ltd v. Interbrew Central European Holding BV [2014] EWHC 1311 ([2016] EWCA Civ 449)
  Appearing (with Lord Grabiner QC and Simon Colton) in the Court of Appeal and the Commercial Court in relation to a dispute between the private equity sponsored limited partnership and the world’s largest brewer, arising out of the $3.5bn sale of a Central and Eastern European brewing business, regarding the proper interpretation of an earn-out agreement. 
• Phoenix Life Assurance v. FSA [2013] EWHC 60
  For Phoenix (with Lord Grabiner QC), in expedited Commercial Court proceedings concerning the proper interpretation of a with-profits policy. 
• Berezovsky v. Abramovich [2012] EWHC 2463 (Comm)
  For Berezovsky (with Laurence Rabinowitz QC, Richard Gillis QC and others) in perhaps the flagship Russian-related litigation before the London Courts; culminating in a 3-month Commercial Court trial claiming damages in excess of $4 billion for intimidation and breach of trust. The dispute also included a raft of associated issues and interlocutory skirmishes (e.g. [2011] EWHC 1143).
• Haviland v. Sky In-Home Services Ltd (QB)
  For Sky (with Michael Fealy) in 4-day QBD trial proceedings concerning a significant loss of commercial property.
• BDW Trading v Fitzpatrick [2015] EWHC 2490
  Appearing (with Daniel Toledano QC) in a secret profits/bribes claim, including obtaining related freezing/disclosure orders.

Nehali Shah has significant experience in the areas of banking and financial services.  She has a particular interest in derivatives, and has advised on a wide range of issues relating to ISDA transactions, such as termination rights, set-off, agency, and the effect of Indian exchange control legislation.  She has also acted in a number of restructurings.  Nehali has experience in regulatory matters, and has appeared (with Lord Grabiner QC and Camilla Bingham) in proceedings before the Regulatory Decisions Committee (RDC) of the FSA.

‘Very clear thinking. Always straight to the heart of the point. Beautiful drafting: concise, sharp, clear. Very hard working. Quick to see the point.’ Legal 500 2025 (Banking & Finance)

• Ripple Markets APAC Pte Ltd v P Dot Money Ltd [2024] EWHC 156 (Comm)
  Acting for the claimants in a claim for over US$12m under a cryptocurrency agreement.
  
• Credit Suisse Virtuoso SICAV-SIF v Softbank
  Acting (with Sonia Tolaney KC) for the claimant in its claim under s.423 of the Insolvency Act 1986 in respect of transactions entered into by Greensill in relation to the Fairymead Note Programme.
• Carton-Kelly v Darty Holdings SAS [2023] EWHC 669 (Ch)
  Appearing for a liquidator for payment out of a judgment sum paid into court pending an appeal, to fund legal and other expenses.
• PA(GI) Limited v Cigna Insurance Services (Europe) Ltd
  Appearing (with Sonia Tolaney KC) in a Commercial Court trial for indemnification in respect of PPI mis-selling liabilities and related costs and expenses.
• Federal Deposit Insurance Company v Barclays (& Ors) [2021] EWHC 987 (Ch)
  Acting (with Sonia Tolaney QC) for Deutsche Bank in the Commercial Court claim brought by the Federal Deposit Insurance Corporation against a number of LIBOR panel banks in relation to alleged LIBOR misconduct.”
• Acting for Morgan Stanley in the FX litigation.
• Acting as sole counsel for a company in defence of a claim for finance arranging fees under a Mandate Letter.
• Acting as sole counsel for a private equity real estate investment and advisory business in a multi-million pound claim for fees under an adviser’s agreement.
• Acting as sole counsel for HSBC in a claim for over £4m concerning alleged derivatives mis-selling.
• SCOR SE v Barclays [2020] EWHC 133 (Comm); [2020] 1 CLC 193
  Appearing (with Sonia Tolaney QC) for Barclays in an application for a stay of proceedings for breach of confidence under Article 30 of the Recast Regulation, on the basis of related proceedings in France.
• Macquarie Capital (Europe) Ltd v Nordsee Offshore MEGI GMbH [2019] EWHC 1655 (Comm)
  Appearing (with Daniel Toledano KC) for Macquarie in a Commercial Court trial, obtaining judgment for payment of fees of some £15m under a financial advisory agreement in connection with an offshore windfarm in the German North Sea.
• Re Prudential Assurance Company Ltd [2019] EWHC 2245; [2020] 2 All ER 393
  Appearing for the PRA in a Part VII transfer application.
• FBN Bank (UK) Ltd v Mansell Ghana Ltd (2019, Commercial Court) [2019] EWHC 2833 (Comm)
  Obtaining summary judgment for a claim worth in excess of US$7m under a facility agreement.
• Acting as sole counsel for a defendant investment bank in a Commercial Court claim for an introduction fee.
• Autoridad del Canal de Panama v Sacyr & Ors [2017] 2 Lloyd's Rep 351
  Appearing (with Rhodri Davies QC) in the Commercial Court for the First Defendant contractor resisting a summary judgment application as to whether certain advance payment guarantees were unconditional demand bonds.
• Midtown Acquisitions LP v Essar Global Fund Limited [2017] 1 WLR 3083
  Appearing in the Commercial Court in a claim to enforce a New York judgment at common law.  Successfully defending a jurisdiction challenge to the claim (including consideration of whether the judgment was final and conclusive on the merits), and obtaining summary judgment.  First reported English decision on the question whether a judgment by confession based on a cognovit clause can be enforced as a judgment in English law.
• Lehman Waterfall I [2017] UKSC 38; [2018] AC 465; [2016] Ch 50; [2014] 3 WLR 466
  Appearing for LBL in the Supreme Court, Court of Appeal, and Chancery Division in the Waterfall I proceedings, which raise a series of novel questions of insolvency law, including the liability of shareholders of an unlimited company, statutory interest, the ranking of claims in the administrations, and foreign currency claims.
• Phoenix Life Assurance v. FSA [2013] EWHC 60
  For Phoenix (with Lord Grabiner QC), in expedited Commercial Court proceedings concerning the proper interpretation of a with-profits policy.
• Friends Life and Prudential [2014] EWHC 4770 (Ch)
  Appearing for the PRA in a Part VII transfer hearings in the Companies Court.
• Goldman Sachs International v. Natixis (Comm)
  For Goldman Sachs, with Lord Grabiner QC, in Commercial Court proceedings concerning the validity of a termination notice in respect of 3 credit default swaps subject to an ISDA Master Agreement. The case settled on the first day of trial.
• Global Wind Power Source Ltd v. Ronsenback & Ors (Comm)
  For GWPS (as sole counsel) in Commercial Court proceedings to enforce security interests under a loan (including advising on service out of jurisdiction).
• Canary Wharf Finance II plc v. Deutsche Trustee Company Limited [2016] EWHC 100 (Comm):
  Appearing (with David Wolfson QC) in a Part 8 Commercial Court trial regarding whether the holders of the Class A1 Notes issued as part of the Canary Wharf securitisation are entitled to a £168m Spens Payment following early redemption of the notes.
• Advising on a number of restructurings
• In the Matter of Gordon Ramsay Holdings Ltd
  For GRHL (with Neil Kitchener QC), obtaining urgent and novel relief dismissing a petition to wind up the company.
• Barclays Bank v Unicredit
  Acting for the largest Italian investment bank against Barclays in a dispute before the Commercial Court regarding the Italian bank’s entitlement to be indemnified by Barclays in respect of tax liabilities incurred pursuant to a complex structured finance transaction. Settled on the first day of trial.
• Re Excess Insurance Co Ltd [2015] EWHC 3572
  Appearing for objecting policyholders in an application for the sanction of a Part VII insurance business transfer scheme.

Nehali Shah has acted in a number of energy disputes (both in litigation and arbitration) for a number of majors, including (but not limited to) Total, BP, E.On, British Gas. She regularly advises on oil & gas sale, supply, transportation, processing and operating agreements in the UK and abroad, including on issues relating to force majeure, termination, quality and price determinations.

‘Nehali has an unerring ability to grasp the key issues amidst the complexity of the dispute. A first-rate advocate.' Legal 500 2025 (Energy)

• Acting (with Lord Wolfson KC and Laurence Emmett KC) in an ICC arbitration concerning a deliver or pay obligation in a long term LNG sales agreement.
• ICC arbitration (ongoing)
  Instructed in an ICC arbitration concerning the interpretation of an LNG SPA.
• BG v Talisman & ors [2015] EWHC 110 (Comm) 
  Appearing with John McCaughran QC for BG in proceedings relating to the proper interpretation of a North Sea TPOSA and amounts payable under it.
• Expert Determination
  Acting (with Sa’ad Hossain QC) in an expert determination concerning adjustments to the price of electricity under a PPA as a result of the removal of the exemption from the Climate Change levy for taxable commodities used to generate electricity.
• Advising major (with Lord Grabiner QC), as to force majeure and default gas provisions in gas supply agreements.
• Advising major (with Laurence Rabinowitz QC), as to force majeure and termination rights under transportation and processing agreement.
• LCIA Proceedings
  For Claimant company (with Ian Glick QC, Michael Fealy and Clare Reffin) in a US$20m dispute for damages arising out of an off-shore drilling contract.
• ICC Proceedings
  For Respondent BVI company, defending declaratory proceedings that multi-million pound success fees were not due under a consultancy agreement relating to exploration off the coast of Libya.
• LCIA Proceedings
  Appearing (with David Wolfson QC) in a $60m dispute relating to an FOB contract for coking coal.
• For Scottish Power as an interested party to Administrative Court Judicial Review and Injunction proceedings arising in the context of pre-payment meter installation and deemed contracts under the Electricity and Gas Acts. 
• For Scottish Power in successful proceedings for summary judgment in relation to charges unpaid by a business under an Electricity Act deemed contract.
• For British Gas in a claim for moneys owing under a deemed contract under the Gas Act 1986 for supply to commercial premises.
• Secretary to Peter Leaver QC as Chairman of the Tribunal in an LCIA arbitration concerning a right of pre-emption under a joint operating agreement relating to an oil mining lease.

Nehali Shah has acted in LCIA, ICC, UNCITRAL, SIAC, KLRCA and LMAA arbitrations, with a particular focus on energy and commodities related work.  In Sulamerica & Ors v. Enesa & Ors [2012] 1 Lloyd’s Rep 275; [2012] 1 Lloyd's Rep 671, she has also experience of anti-suit proceedings in the context of a dispute arising over the correct approach for determining the proper law of an arbitration agreement.

"Nehali has a first-rate forensic mind and is highly persuasive as an advocate. She's superbly thorough and provides excellent value for clients, providing silk-quality work." Chambers & Partners 2025 (International Arbitration)

• ICC arbitration (ongoing)
  Instructed in an ICC arbitration concerning the interpretation of an LNG SPA.
• SCC arbitration (ongoing)
  Appearing in an SCC arbitration concerning the valuation of shares under a management incentive plan.
• Appearing as sole counsel for a major supermarket in an arbitration under the Groceries Supply Code of Practice concerning the reasonable notice period for the delisting of products.

Nehali Shah has a particular interest in the conflict of laws & jurisdiction, and regularly acts and advises in matters raising issues of jurisdiction, proper law and enforcement, including anti-suit injunctions.

• SCOR SE v Barclays [2020] EWHC 133 (Comm)
  Appearing (with Sonia Tolaney QC) for Barclays in an application for a stay of proceedings for breach of confidence under Article 30 of the Recast Regulation, on the basis of related proceedings in France.
• Hardy Exploration and Production (India) Inc v Government of India [2018] 2 Lloyd’s Rep 331
  Appearing for the Government of India in proceedings relating to the enforcement of an arbitral award, including an application for a third party debt order.
• A v B (2018)
  Acting (with David Wolfson QC) for the defendant foreign government in proceedings relating to the enforcement of an arbitration award worth over £70m, involving a range of applications including for an extension of time to challenge enforcement, for a stay on enforcement, regarding a third party debt order, and challenging enforcement under s.101 of the 1996 Act.
• Autoridad del Canal de Panama v Sacyr & Ors [2017] 2 Lloyd's Rep 351
  Appearing (with Rhodri Davies QC) in applications for stays of proceedings under either s.9 of the Arbitration Act 1996 or under the Court’s inherent jurisdiction.
• Midtown Acquisitions LP v Essar Global Fund Limited [2017] 1 WLR 3083
  Appearing in the Commercial Court in a claim to enforce a New York judgment at common law.  Successfully defending a jurisdiction challenge to the claim (including consideration of whether the judgment was final and conclusive on the merits), and obtaining summary judgment.  First reported English decision on the question whether a judgment by confession based on a cognovit clause can be enforced as a judgment in English law.
• Thai-Lao Lignite (Thailand) Co Ltd v Laos [2013] EWHC 2466
  Acting in proceedings before Popplewell J concerning a freezing order against Laos. The issues arising included immunity from execution under the State Immunity Act and the effect of the order on the Central Bank.
• Sulamerica & Ors v. Enesa & Ors [2012] 1 Lloyd’s Rep 275; [2012] 1 Lloyd's Rep 671
  For Brazilian insureds at first instance (with Hilary Heilbron QC) and subsequently before the CA (with David Wolfson QC), under policies insuring their interests in one of the world’s largest hydroelectricity projects in a claim for an anti-suit injunction where the issues involved the proper law of the arbitration agreement, the enforceability of a mediation provision, and the interpretation of a combined jurisdiction/arbitration agreement. The case re-considers the correct approach for determining the proper law of an arbitration agreement.
• Arsanovia Ltd & Ors v. Cruz City 1 Mauritius Holdings [2013] 2 All ER (Comm 1)
  For Cruz City (with David Wolfson QC) in s67 challenges in relation to 2 LCIA awards relating to a joint venture for the development of slum-clearance land known as the ‘Santacruz Project’ in Mumbai.  Per the decision in Sulamerica, this case also concerned the issue of the proper law of an arbitration agreement, in addition to a number of questions of Indian arbitration law.
• Capital Ventures International v. The Republic of Argentina 
  Advised (with John McCaughran QC and Anna Boase) a Cayman incorporated Claimant seeking common law enforcement in England of a New York judgment debt for $100m against the Republic of Argentina.
• Advised on an application to set aside service out of the jurisdiction on grounds of an exclusive jurisdiction clause in favour of another forum.
• Advised AIM-listed company in relation to a breach of warranty claim, including as to issues relating to jurisdiction.
• Advised claimant resisting a jurisdiction challenge to a declaratory claim for non-liability on allegations that were already the subject of parallel proceedings in the US.
• Cruz City 1 Mauritius Holdings v Unitech Ltd & Ors [2015] 1 All ER (Comm) 305
  Jurisdiction challenge relating to service out of the jurisdiction on Chabra defendants.