December 30, 2014 court of first instance - Orders,Orders
Claim No: CFI-034-2012
THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
BEFORE CHIEF JUSTICE MICHAEL HWANG
BETWEEN
(1) MR AMIT DATTANI
(2) MR NITIN JOBANPUTRA
(3) MR MASOOD UR RAHMAN
(4) MR SHEMHON IFTAKHAR
Claimants
and
DAMAC PARK TOWERS COMPANY LIMITED
(Previously trading as DAMAC REAL ESTATE ASSET MANAGEMENT COMPANY LIMITED)
CONSENT ORDER
UPON The Judgment of Chief Justice Michael Hwang dated 20 August 2014 in these consolidated proceedings
AND FURTHER to the meeting held with Chief Justice Michael Hwang and the parties on 22 July 2014
IT IS HEREBY ORDERED BY CONSENT THAT:
1. Judgment for the First and Second Claimants shall be paid by the Defendant in the sum of AED 1,806,400.
2. The Defendant shall pay contractual penalty interest to the First and Second Claimants assessed in the sum of AED 76,412.72.
3. The Defendant shall pay statutory interest to the First and Second Claimants assessed in the sum of AED 87,100.86 as of 30 December 2014 and shall continue to accrue at the daily rate of AED 77.63 until the date payment is made.
4. Judgment for the Third and Fourth Claimants shall be paid by the Defendant in the sum of AED 1,807,700.
5. The Defendant shall pay contractual penalty interest to the Third and Fourth Claimants assessed in the sum of AED 60,871.72.
6. The Defendant shall pay statutory interest to the Third and Fourth Claimants assessed in the sum of AED 89,938.38 as of 30 December 2014 and shall continue to accrue at the daily rate of AED 76.09 until the date payment is made.
7. The Defendant shall pay the Claimants costs occasioned by these proceedings to be the subject of a detailed assessment, if not agreed.
Issued by:
Maha Al Mehairi
Judicial Officer
Date of issue: 30 December 2014
At: 3pm
