July 08, 2009 court of first instance - Orders,Orders
Claim No: CFI 012/2009
IN THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCE CENTRE
IN THE COURT OF FIRST INSTANCE
Between
| FIVE RIVER PROPERTIES LLC | First Applicant |
| andRENAISSANCE HOLDINGS AND DEVELOPERS FZE | Second Applicant |
| andWATERFRONT PROPERTY INVESTMENT LIMITED | First Respondent |
| andLINARUS FZE | Second Respondent |
ORDER
Before the Honourable Deputy Chief Justice Michael Hwang
UPON the application of the Applicants for the continuation of a stay of the Order of Court dated 11 June 2009 pending the outcome of the appeal;
UPON the application of the Applicants made on 15 June 2009 for permission to appeal;
UPON considering the oral and written submissions of Counsel for the Applicants and Counsel for the Respondents
IT IS ORDERED THAT:
1. The stay on the Order of Court dated 11 June 2009 is discharged with immediate effect.
Reasons
The Court is not satisfied that the Applicants have adduced sufficient evidence to show a real risk of dissipation of assets justifying a stay pending appeal.
2. The Applicants' application for permission to appeal is granted.
Reasons pursuant to Rule 44.14 of the Rules of Court
The case involves important and fundamental issues on jurisdiction which should be finally decided by the Court of Appeal. This constitutes a compelling reason why the appeal should be heard by the Court of Appeal under Rule 44.8 of the Rules of Court.
Amna Alowais
Date of Issue: 8 July 2009
At: 11am
