Likhil v (1) Lakshin (2) Laabh [2021] DIFC SCT 322 (28 December 2021)

Likhil v (1) Lakshin (2) Laabh [2021] DIFC SCT 322 (28 December 2021)

Defendants are liable to repay AED 40,000 as they failed to achieve the fundraising targets specified in the Promissory Note; entitlement to 3% commission under the Head of Terms arises only upon achievement of targets, which did not occur.

Citation
[2021] DIFC SCT 322
Parties
Claimant/defendant in Counterclaim: Likhil; Defendant/claimant in Counterclaim: Lakshin; Defendant/claimant in Counterclaim: Laabh
Jurisdiction
United Arab Emirates
Judgment Date
28 December 2021
Procedural Posture
Small Claims Tribunal / Judgment After Hearing
Outcome
Claim allowed; counterclaim dismissed.
Legal Topics
Promissory Note, Counterclaim, Loan Repayment, Head of Terms, Fundraising Agreement
Contract Law Promissory Note Counterclaim Loan Repayment Head of Terms Fundraising Agreement

Case Brief

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Parties

Likhil

Claimant/defendant in Counterclaim

Lakshin

Defendant/claimant in Counterclaim

Laabh

Defendant/claimant in Counterclaim

Procedural Posture

Small Claims Tribunal / Judgment After Hearing

Legal Issues

  1. 1 Whether Defendants are liable to repay AED 40,000 under the Promissory Note
  2. 2 Whether Defendants are entitled to 3% of funds raised as per Head of Terms

Ratio Decidendi

Defendants are liable to repay AED 40,000 as they failed to achieve the fundraising targets specified in the Promissory Note; entitlement to 3% commission under the Head of Terms arises only upon achievement of targets, which did not occur.

Court Disposition

Claim allowed; counterclaim dismissed.

Orders

  • Defendants jointly and severally to pay Claimant AED 40,000.
  • Defendants’ counterclaim dismissed.