DIFC 112/2019
Jaal Bank (PJSC) v Jasa
This case involved an outstanding bank loan and whether the individual who had taken the loan out was personally responsible for it or the company where he was the Managing Director was as the loan had been put in the company bank account. Also covered was whether the proceedings should be stayed until a bankruptcy case involving the company in the Dubai courts as concluded.
Background
The Claimant was Jaal Bank (PJSC), a bank providing financial services including credit cards and personal loans to customers
The Defendant was Jasa, an individual.
The parties entered into a written agreement on 12 August 2017, entitled ‘Jaal bank Personal Finance Smart Finance'. Under the terms of this Original Agreement, the Claimant was to receive a loan of 470,000 AED with a repayment schedule of 48 instalments.
On 2018, the Claimant applied to restructure the loan, which was approved by the bank and the loan amount was 392,137.11 AED and the monthly instalment was 13,383.08 AED.
The Defendant fell into arrears from November 2018. According to the Claimant, the remaining amount currently outstanding on the Loan was 400,494.08 AED,