UAE 254/25, 340/25
Background
An Appellant Bank in suit No 254 of 25 filed suit No 533 of 2001 (Commercial - Abu Dhabi) against the Respondents - the Appellants in Appeal No 340 of 25 - requesting they be obliged to pay 4.312.887.67 AED and legal interest from 01/09/2001 until full payment based on banking facilities which had been granted to the Respondents, and which remained unsettled.
Proceedings
Abu Dhabi Court of First Instance - Decision No 533 of 2001
The Court appointed an expert, and ruled on the 25/11/2002 to oblige the Respondents to pay to the Bank 3.768.316.01 AED and late payment interest of 14% per year on the principal amount of the debt which amounted to 2.085.760.91 AED from 29/10/2001 until full settlement, provided the interest did not exceed the principal amount of the debt.
Abu Dhabi Court of Appeal - Appeal No 573, 601 of 2002