Claim No: CFI-007/2017
THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
(1) MINERAL TRADE GROUP FZE
(2) AFFERT RESOURCES PTE LTD
UPON reviewing the Claim Form filed on 29 January 2017
AND UPON Mineral Trade Group FZE (“MTG”) and Affert Resources Pte Ltd (“Affert”) filing their admissions on 22 February 2017 and 26 February 2017, respectively, by way of Form P15/01 with the DIFC Courts admitting the entire claim amount of USD 3,901,171.01 without seeking any additional time to pay the money
AND UPON MTG and Affert agreeing jointly and severally to pay the entire claim amount of USD 3,901,171.01, the amount of USD 44,505.85 in respect of Court fees and USD 40,816.32 in respect of legal expenses to Transfert FZCO (“Transfert”)
AND UPON Transfert and MTG and Affert entering into a Settlement Agreement on 16 April 2017 to record into writing the agreed terms of the Settlement Agreement (the “Settlement Agreement”)
IT IS HEREBY ORDERED BY CONSENT THAT:
1.MTG and Affert shall pay to Transfert an amount of USD 1,000,000 (AED 3,675,000) and court fee and legal fee of USD 85,322.17 (AED 313,559) within 30 days of the date of signing the Settlement Agreement i.e. on or before 15 May 2017 (payable either in 1 or 2 instalments).
2. MTG and Affert shall pay to Transfert an amount of USD 1,500,000 (AED 5,512,500) on or before 31 December 2017.
3. MTG and Affert shall pay to Transfert an amount of USD 401,171.03 (AED 1,474,303.54) on or before 30 April 2018.
4. Transfert shall waive USD 1,000,000 from the total outstanding amount payable, in the event the aforesaid payment schedule mentioned in Clauses 1 and 2 are strictly adhered to by MTG & Affert in accordance with the aforementioned timelines. After reduction of this penalty amount the total amount payable shall be USD 2,986,493.20. This is subject to the MTG and Affert making payments as per Clauses 1 and 2 above.
5. In the event that MTG and/or Affert do not pay the aforementioned amounts in accordance with Clauses 1 and 2 above on or before 31 December 2017, then the amount of USD 1,000,000 shall not be waived.
6. In the event that MTG and/or Affert pay the aforementioned amount of USD 2,500,000, plus court fee and legal costs of USD 85,322.17 on or before 31 December 2017, but fail to pay the amount mentioned in Clause 3 on or before 30 April 2018, then MTG shall be liable to pay:
(a) USD 401,171.03 (AED 1,474,303.54); and
(b) The interest payable on the amount of USD 401,171.03 (AED 1,474,303.54) calculated at 8% p.a from the date of filing this claim (1 January 2018 until 30 April 2018) amounting to USD 10,463.41 (AED 38,453.10)
7. In the event that any amount payable pursuant to the terms of the Settlement Agreement remains outstanding, or if any of the terms of the Settlement Agreement are breached, Transfert shall have the right to enforce the terms of the Settlement Agreement and seek to recover the outstanding liabilities along with interests and costs.
8. All further proceedings in this claim be stayed, except for the purpose of carrying such terms into effect.
Date of issue: 20 August 2017