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CFI 012/2009 – Order

CFI 012/2009 – Order

July 8, 2009

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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.

3. The costs of this application are reserved to the Court of Appeal.

 

Amna Alowais
Deputy Registrar
Date of Issue: 8 July 2009
At: 11am

 

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