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CFI 034/2012 (1) Mr Amit Dattani (2) Mr Nitin Jobanputra (3) Mr Masood UR Rahman (4) Mr Shemhon Iftakhar v Damac Park Towers Company Limited

CFI 034/2012 (1) Mr Amit Dattani (2) Mr Nitin Jobanputra (3) Mr Masood UR Rahman (4) Mr Shemhon Iftakhar v Damac Park Towers Company Limited

December 30, 2014

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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)

Defendant


  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

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