Abu Dhabi Court of Appeal upholds a ruling obligating 6 companies to pay Dhs105 million to a bank
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The Abu Dhabi Commercial Court (Appellate Circuit) upheld a verdict issued by the Court of First Instance, obligating six companies to pay a bank Dhs105.84 million and the legal interest for failing behind repayment of the amount.
The details date back to the time, when the bank filed a lawsuit demanding seven companies to pay it Dhs106.5 million.
The bank indicated that it had approved credit facilitations to the first defendant who was guaranteed by the defendants from the second to the seventh, but she stopped paying the due installments.
In its lawsuit, the bank demanded to oblige the defendants, from the second to the seventh, to pay it Dhs106.5 million with profits at the rate of 3.5 per cent from the date of maturity until full payment, in addition to obligating them to pay expenses and the attorneys’ fees.
After delegating a banking expert, the Court of First Instance ruled to reject the case against the third defendant, while obligated the defendants, with the exception of the third defendant, to jointly pay the bank Dhs105.8 million, with interest at the rate of 3.5% annually until the full payment.
The Court also obligated them to pay the expenses, while all other requests were rejected.
