Nureen v (1) Nikir (2) Niplu [2024] DIFC SCT 298 (12 January 2024)

Nureen v (1) Nikir (2) Niplu [2024] DIFC SCT 298 (12 January 2024)

The LOI was conditional upon execution of definitive agreements within 90 days. No definitive agreement was executed, and the LOI terminated. The Defendants' partial refund evidenced acceptance of termination. The Claimant is entitled to the outstanding AED 300,000. The Defendants failed to prove their counterclaim or that the refund was made under duress.

Citation
[2024] DIFC SCT 298
Parties
Claimant/counter Defendant: Nureen; Defendant/counter Claimant: Nikir; Defendant/counter Claimant: Niplu
Jurisdiction
United Arab Emirates
Judgment Date
12 January 2024
Procedural Posture
Small Claims Tribunal / Judgment After Hearing
Outcome
Claim allowed in part; counterclaim dismissed.
Legal Topics
Letter of Intent, Share Purchase Agreement, Refund of Investment, Counterclaim for Damages
Contract Law Commercial Law Letter of Intent Share Purchase Agreement Refund of Investment Counterclaim for Damages

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Parties

Nureen

Claimant/counter Defendant

Nikir

Defendant/counter Claimant

Niplu

Defendant/counter Claimant

Procedural Posture

Small Claims Tribunal / Judgment After Hearing

Legal Issues

  1. 1 Whether the Letter of Intent (LOI) was conditional or unconditional
  2. 2 Whether the Claimant is entitled to a refund of AED 300,000
  3. 3 Whether the Defendants' counterclaim for AED 500,000 is substantiated

Ratio Decidendi

The LOI was conditional upon execution of definitive agreements within 90 days. No definitive agreement was executed, and the LOI terminated. The Defendants' partial refund evidenced acceptance of termination. The Claimant is entitled to the outstanding AED 300,000. The Defendants failed to prove their counterclaim or that the refund was made under duress.

Court Disposition

Claim allowed in part; counterclaim dismissed.

Orders

  • Defendants to pay Claimant AED 300,000 plus 9% interest per annum from judgment date until payment.
  • Defendants to pay Claimant court fees of AED 15,000.