Nakheel Sued Successfully
Dec 22nd 2010, 5:10 am
#1
Account Closed
Thread Starter
Joined: Jul 2007
Posts: 7,028
Nakheel Sued Successfully
Having received this from Davison & Co. (Lawyers) today, I thought it might be of interest to any expats involved in possible litigation over delayed property hand-overs and the like. Good luck to any possible litigants.
First trial conducted in Dubai World Tribunal ends in success for Developers.
The Dubai World Tribunal was established under Decree No. 57 of 2009 to handle various matters pertaining to the settlement of the financial position of Dubai World and its subsidiaries. The Tribunal forms part of the Dubai International Financial Centre (DIFC) Courts.
In early October 2010, on behalf of its clients, Paramount International Trading Limited, Diamond Developers Co. Limited and Fares Mustafa Abubaker as Claimants, Davidson & Co filed proceedings against Nakheel PJSC and Jumeirah Village LLC as Defendants.
After an early initial hearing it was ordered by the Tribunal, upon request of the Claimants and in recognition of the urgency of the Claimant's case, that proceedings be expedited with the effect that the entire litigation process, which would usually take 6-8 months to trial would be conducted in only 10 weeks.
The case surrounded the respective Parties' arguments that a binding consolidation agreement relating to islands in The World and developments in Jumeirah Village (comprising some 1,400 apartments and townhouses) had been concluded between the Parties, it being the Claimant's case that it had, it being the Defendant's case that it had not, thereby allowing the Defendant to introduce 'delay fees' in around the sum of AED 41,000,000 to be applied to the islands in the World payable as a pre-condition to any consolidation.
On the 21st of December 2010 a final judgment was handed down by the Tribunal in favour of the Claimants with the effect that a binding consolidation agreement was found to be in place prior to the application of any 'delay fees' and that the consolidation should be treated as being binding thereby causing the Defendant's claim for 'delay fees' to fall away.
One of the purposes of the Tribunal was to provide a clear, transparent and effective legal framework incorporating international best practices in respect of disputes that arrive before it.
The final hearing was conducted on the 19th and 20th of December 2010 and the judgment was handed down by Sir Anthony Evans, Chief Justice of DIFC Courts and Sir John Chadwick on the 21st of December 2010.
What is remarkable about this case is that it is the very first conducted before the Tribunal in which a full trial has been held and a final judgment issued. What is also remarkable is that the entire proceedings were carried out in ten weeks.
Davidson & Co, who represented the Claimants in this case, have filed several other cases with the Tribunal which will progress during the early course of 2011.
Davidson & Co Managing Partner, Jonathon Davidson, comments that “due to the urgency of the case, the Tribunal agreed to proceed to trial in less than 10 weeks, the first full trial heard by the Tribunal. Our clients are very pleased with the result which is already drawing interest from other purchasers in similar situations"
Please contact Joe Durkin at Davidson & Co ([email protected]) in relation to any queries.
First trial conducted in Dubai World Tribunal ends in success for Developers.
The Dubai World Tribunal was established under Decree No. 57 of 2009 to handle various matters pertaining to the settlement of the financial position of Dubai World and its subsidiaries. The Tribunal forms part of the Dubai International Financial Centre (DIFC) Courts.
In early October 2010, on behalf of its clients, Paramount International Trading Limited, Diamond Developers Co. Limited and Fares Mustafa Abubaker as Claimants, Davidson & Co filed proceedings against Nakheel PJSC and Jumeirah Village LLC as Defendants.
After an early initial hearing it was ordered by the Tribunal, upon request of the Claimants and in recognition of the urgency of the Claimant's case, that proceedings be expedited with the effect that the entire litigation process, which would usually take 6-8 months to trial would be conducted in only 10 weeks.
The case surrounded the respective Parties' arguments that a binding consolidation agreement relating to islands in The World and developments in Jumeirah Village (comprising some 1,400 apartments and townhouses) had been concluded between the Parties, it being the Claimant's case that it had, it being the Defendant's case that it had not, thereby allowing the Defendant to introduce 'delay fees' in around the sum of AED 41,000,000 to be applied to the islands in the World payable as a pre-condition to any consolidation.
On the 21st of December 2010 a final judgment was handed down by the Tribunal in favour of the Claimants with the effect that a binding consolidation agreement was found to be in place prior to the application of any 'delay fees' and that the consolidation should be treated as being binding thereby causing the Defendant's claim for 'delay fees' to fall away.
One of the purposes of the Tribunal was to provide a clear, transparent and effective legal framework incorporating international best practices in respect of disputes that arrive before it.
The final hearing was conducted on the 19th and 20th of December 2010 and the judgment was handed down by Sir Anthony Evans, Chief Justice of DIFC Courts and Sir John Chadwick on the 21st of December 2010.
What is remarkable about this case is that it is the very first conducted before the Tribunal in which a full trial has been held and a final judgment issued. What is also remarkable is that the entire proceedings were carried out in ten weeks.
Davidson & Co, who represented the Claimants in this case, have filed several other cases with the Tribunal which will progress during the early course of 2011.
Davidson & Co Managing Partner, Jonathon Davidson, comments that “due to the urgency of the case, the Tribunal agreed to proceed to trial in less than 10 weeks, the first full trial heard by the Tribunal. Our clients are very pleased with the result which is already drawing interest from other purchasers in similar situations"
Please contact Joe Durkin at Davidson & Co ([email protected]) in relation to any queries.
Dec 22nd 2010, 6:08 am
#2
why ayeeeee man!
Joined: Jan 2008
Location: Disco Gardens...
Posts: 11,370
Re: Nakheel Sued Successfully
Having received this from Davison & Co. (Lawyers) today, I thought it might be of interest to any expats involved in possible litigation over delayed property hand-overs and the like. Good luck to any possible litigants.
First trial conducted in Dubai World Tribunal ends in success for Developers.
The Dubai World Tribunal was established under Decree No. 57 of 2009 to handle various matters pertaining to the settlement of the financial position of Dubai World and its subsidiaries. The Tribunal forms part of the Dubai International Financial Centre (DIFC) Courts.
In early October 2010, on behalf of its clients, Paramount International Trading Limited, Diamond Developers Co. Limited and Fares Mustafa Abubaker as Claimants, Davidson & Co filed proceedings against Nakheel PJSC and Jumeirah Village LLC as Defendants.
After an early initial hearing it was ordered by the Tribunal, upon request of the Claimants and in recognition of the urgency of the Claimant's case, that proceedings be expedited with the effect that the entire litigation process, which would usually take 6-8 months to trial would be conducted in only 10 weeks.
The case surrounded the respective Parties' arguments that a binding consolidation agreement relating to islands in The World and developments in Jumeirah Village (comprising some 1,400 apartments and townhouses) had been concluded between the Parties, it being the Claimant's case that it had, it being the Defendant's case that it had not, thereby allowing the Defendant to introduce 'delay fees' in around the sum of AED 41,000,000 to be applied to the islands in the World payable as a pre-condition to any consolidation.
On the 21st of December 2010 a final judgment was handed down by the Tribunal in favour of the Claimants with the effect that a binding consolidation agreement was found to be in place prior to the application of any 'delay fees' and that the consolidation should be treated as being binding thereby causing the Defendant's claim for 'delay fees' to fall away.
One of the purposes of the Tribunal was to provide a clear, transparent and effective legal framework incorporating international best practices in respect of disputes that arrive before it.
The final hearing was conducted on the 19th and 20th of December 2010 and the judgment was handed down by Sir Anthony Evans, Chief Justice of DIFC Courts and Sir John Chadwick on the 21st of December 2010.
What is remarkable about this case is that it is the very first conducted before the Tribunal in which a full trial has been held and a final judgment issued. What is also remarkable is that the entire proceedings were carried out in ten weeks.
Davidson & Co, who represented the Claimants in this case, have filed several other cases with the Tribunal which will progress during the early course of 2011.
Davidson & Co Managing Partner, Jonathon Davidson, comments that “due to the urgency of the case, the Tribunal agreed to proceed to trial in less than 10 weeks, the first full trial heard by the Tribunal. Our clients are very pleased with the result which is already drawing interest from other purchasers in similar situations"
Please contact Joe Durkin at Davidson & Co ([email protected]) in relation to any queries.
First trial conducted in Dubai World Tribunal ends in success for Developers.
The Dubai World Tribunal was established under Decree No. 57 of 2009 to handle various matters pertaining to the settlement of the financial position of Dubai World and its subsidiaries. The Tribunal forms part of the Dubai International Financial Centre (DIFC) Courts.
In early October 2010, on behalf of its clients, Paramount International Trading Limited, Diamond Developers Co. Limited and Fares Mustafa Abubaker as Claimants, Davidson & Co filed proceedings against Nakheel PJSC and Jumeirah Village LLC as Defendants.
After an early initial hearing it was ordered by the Tribunal, upon request of the Claimants and in recognition of the urgency of the Claimant's case, that proceedings be expedited with the effect that the entire litigation process, which would usually take 6-8 months to trial would be conducted in only 10 weeks.
The case surrounded the respective Parties' arguments that a binding consolidation agreement relating to islands in The World and developments in Jumeirah Village (comprising some 1,400 apartments and townhouses) had been concluded between the Parties, it being the Claimant's case that it had, it being the Defendant's case that it had not, thereby allowing the Defendant to introduce 'delay fees' in around the sum of AED 41,000,000 to be applied to the islands in the World payable as a pre-condition to any consolidation.
On the 21st of December 2010 a final judgment was handed down by the Tribunal in favour of the Claimants with the effect that a binding consolidation agreement was found to be in place prior to the application of any 'delay fees' and that the consolidation should be treated as being binding thereby causing the Defendant's claim for 'delay fees' to fall away.
One of the purposes of the Tribunal was to provide a clear, transparent and effective legal framework incorporating international best practices in respect of disputes that arrive before it.
The final hearing was conducted on the 19th and 20th of December 2010 and the judgment was handed down by Sir Anthony Evans, Chief Justice of DIFC Courts and Sir John Chadwick on the 21st of December 2010.
What is remarkable about this case is that it is the very first conducted before the Tribunal in which a full trial has been held and a final judgment issued. What is also remarkable is that the entire proceedings were carried out in ten weeks.
Davidson & Co, who represented the Claimants in this case, have filed several other cases with the Tribunal which will progress during the early course of 2011.
Davidson & Co Managing Partner, Jonathon Davidson, comments that “due to the urgency of the case, the Tribunal agreed to proceed to trial in less than 10 weeks, the first full trial heard by the Tribunal. Our clients are very pleased with the result which is already drawing interest from other purchasers in similar situations"
Please contact Joe Durkin at Davidson & Co ([email protected]) in relation to any queries.
Twats.
Dec 30th 2010, 10:58 am
#3
Banned
Joined: Dec 2010
Posts: 3
Re: Nakheel Sued Successfully
excellent post...and v interesting developments in this case, esp with Nakheel being one of Sheikh Mo's babies......this case could open up a hornets nest for the the Maktoums....
Dec 30th 2010, 11:46 am
#4
Concierge
Joined: Feb 2007
Posts: 29,625
Re: Nakheel Sued Successfully
anything relating to Nakeel is deteriorating quickly, the Shorelines at the Palm ... gardens overgrown, mucky etc
