Abu Dhabi Commerical Bank PJSC v Kbbobrs Investments Holdings Ltd & Anor [2021] ADGMCFI 0002 (28 March 2021)

Abu Dhabi Commerical Bank PJSC v Kbbobrs Investments Holdings Ltd & Anor [2021] ADGMCFI 0002 (28 March 2021)

The Court fixed the minimum sale price at the higher valuation figure (as per the confidential annex), rejecting the lower Savills valuation, and granted the Bank leave to bid, subject to judicial approval of any sale to the Bank, relying on professional oversight by JLL and safeguarding debtor interests.

Citation
[2021] ADGMCFI 0002
Parties
Claimant: Abu Dhabi Commercial Bank PJSC; First Defendant: KBBOBRS Investments Holdings Limited; Second Defendant: BRSKBBO Investments Holdings Limited
Jurisdiction
United Arab Emirates
Judgment Date
28 March 2021
Procedural Posture
Commercial Mortgage Enforcement / Judgment
Outcome
minimum sale price fixed; leave to bid granted with court approval required
Legal Topics
Mortgage Enforcement, Court Ordered Sale, Minimum Sale Price, Leave to Bid, Valuation Reports
Property Law Banking Law Commercial Law Mortgage Enforcement Court Ordered Sale Minimum Sale Price Leave to Bid Valuation Reports

Case Brief

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Parties

Abu Dhabi Commercial Bank PJSC

Claimant

KBBOBRS Investments Holdings Limited

First Defendant

BRSKBBO Investments Holdings Limited

Second Defendant

Procedural Posture

Commercial Mortgage Enforcement / Judgment

Legal Issues

  1. 1 What minimum sale price should be fixed for the property?
  2. 2 Should the mortgagee bank be permitted to bid during the sale process?

Ratio Decidendi

The Court fixed the minimum sale price at the higher valuation figure (as per the confidential annex), rejecting the lower Savills valuation, and granted the Bank leave to bid, subject to judicial approval of any sale to the Bank, relying on professional oversight by JLL and safeguarding debtor interests.

Court Disposition

minimum sale price fixed; leave to bid granted with court approval required

Orders

  • The minimum sale price in this Court-ordered sale of the Property is the figure appearing in the Confidential Annex attached to this Judgment.
  • The Claimant is granted leave to bid on the basis that no sale to the Claimant be concluded without approval of the Court.