KCC 57/2019
This case involved money owed to a bank. From the guarantee bond all the defendants (including the guarantors) had pledged to fulfil the obligations to the bank.
Background
The Plaintiff/Respondent (a Bank) filed suit No 1903/2017 against the Defendants/Appellants requesting them to the payment jointly and severally o24,578,223 AED with interest 4% up to a minimum of 7.5% until final payment.
It was stated facilities were granted by the Plaintiff bank to the first Defendant for the requested amount. These credit facilities were guaranteed by all the other Defendants who refrained from paying which resulted in their indebtedness for this amount.
The Court, after appointing an expert and based on his report, ruled obliging the Defendants jointly and severally to pay 2,362,499,560 AED with interest of 9% from the date of filing the suit on 24/8/2017 until full payment.
The Defendants appealed by appeal No 4360/2018.
On 28/11/2018, the Court confirmed the appealed judgment.
On 17/1/2019, the Defendants challenged this judgement by an appeal before the Dubai Court of Cassation through a memorandum of appeal deposited at the Court Registry requesting it be revoked.
The Plaintiff presented a memorandum of defence.