DIFC 014/2010 on 23/03/2015
Taaleem PJSC v National Bonds Corporation PJSC and another-on 23/03/2015
Type
Case
Court
Dubai International Financial Centre - JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCE CENTRE, COURT OF FIRST INSTANCE
Jurisdiction
Dubai International Financial Centre
Taxonomy
General Civil Procedure & Administration of Justice
Copyright
LexisNexis
Decision date
23 Mar 2015
Hearing/Judgment date
23 March 2015
Panel
Sir David Steel J
Catchwords
Practice - Judgment – Orders – Court delivering judgment on liability – Court finding claimant’s interest in property having been transferred to second defendant – Parties failing to agree terms of order – Court being asked to resolve parties’ difficulties and clarify judgment – Whether claimant’s interest having been assigned or novated – Quantum of sums owed by second defendant to first defendant as consequence of transfer of claimant’s interest
Background facts
The court had delivered a judgment on 19 February 2014, in which it had found that the claimant’s interest in a property (Sky Gardens) had been transferred to the second defendant (Deyaar) and that the claimant’s obligation to repay the first defendant (NBC) the principal money advanced to finance the purchase of that interest, as well as Murabaha profit and late payment charges, had been transferred to Deyaar. The instant proceedings arose due to difficulties in formulating the orders consequent upon that judgment.
Submissions
First, Deyaar submitted that the judgment had not engaged with the question of whether the claimant's obligation to NBC had been novated or assigned to it. Deyaar referred to para 98 of the judgment which stated: ‘In summary therefore the position is, in my judgment, that […] there was a concluded agreement for the transfer of [the claimant's] interest in Sky Gardens to Deyaar …'.