Claim No: CFI 082/2022
IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
JUDGMENT OF JUSTICE LORD ANGUS GLENNIE
UPON the Part 8 Claim dated 22 November 2022
AND UPON the Claimant’s Application No. CFI-082-2022/1 dated 15 December 2022 seeking an Immediate Judgment on this claim in favour of the Claimant (the “Immediate Judgment Application”)
AND UPON the Defendant’s Application No. CFI-082-2022/2 dated 10 February 2023 seeking to adjourn the hearing listed for the Immediate Judgment Application (the “Adjournment Application”)
AND UPON hearing both parties at the hearing listed before me on 15 February 2023
AND PURSUANT TOPart 24 of the Rules of the DIFC Courts
IT IS HEREBY ORDERED THAT:
1. The Adjournment Application is dismissed.
2. The Immediate Judgment Application is granted. There shall be an immediate judgment on the claim in favour of the Claimant against the Defendant.
3. The Defendant shall pay the Claimant the following sums (the “Amount”)
(a) USD 1,200,000 plus interest at a rate of 9% per annum from the date of the breach (22 August 2022) to the date of payment at a daily rate of USD 295.89; and
(b) Costs summarily assessed in the sum of AED 139,432.
4. The Defendant shall pay the Claimant the Amount within fourteen days of the date of this Order.
Date of issue: 17 February 2023
SCHEDULE OF REASONS
1. The Defendant admits the Claimant's claim in its entirety. It seeks an adjournment simply to buy time. In other words, it accepts the obligation to pay the sum claimed but says that it needs more time to raise or release sufficient funds to pay that sum. That is not an appropriate basis for the grant of an adjournment. The Defendant puts its argument, in the alternative, in a different way: it asks for the Order to require the sum to be paid not within 14 days, which is the norm, but by instalments over two or three months. That would be to deprive the Claimant of the judgment to which it is entitled.
2. Accordingly, I refuse the application for an adjournment and grant immediate judgment in favour of the Claimant. There was no dispute about the figures or about the Order for costs.