UAE court obligated a man to pay AED 334,000 in loan and credit card installments

The Abu Dhabi Commercial Court of First Instance recently issued a judgment compelling an individual to settle outstanding debts with a bank.

Read also: UAE Announces Protocol for Canadian Visit Visa Application for Residents

The court ruled that the defendant must repay the bank a total of 334,362 dirhams, representing the unpaid installments of a loan and a credit card that the defendant had acquired. Additionally, the court directed the defendant to compensate the bank for material damages, amounting to 10,000 dirhams.

The legal dispute began when the bank filed a lawsuit against the client, seeking the enforcement of the payment of 334,362 dirhams. The bank also sought compensation for lost profits and incurred losses, totaling 20,000 dirhams. The claim outlined that the bank had provided facilities, including a bank account with 30 sukuk certificates, and the defendant was expected to make repayments through 48 monthly installments. However, the defendant failed to adhere to the agreed-upon payment schedule, both for the sukuk certificates and the credit card dues.

In response to the lawsuit, the defendant submitted a memorandum requesting the court dismiss the case and seek compensation. The grounds for dismissal included an alleged lack of truth, evidence, and legal eligibility. To facilitate a fair resolution, a banking expert was appointed to examine and reconcile the accounts between the parties.

The expert's report revealed that the defendant had indeed been granted various facilities by the bank, including Murabaha Sukuk and a covered credit card. Due to the defendant's failure to honor the payment commitments, he owed the bank a total of 334,362 dirhams.

The court, after thorough consideration of the expert's findings, confirmed the validity of the research and results. Importantly, the defendant did not contest the expert's report or provide evidence contradicting the conclusions. Consequently, the court ruled in favor of the plaintiff, obligating the defendant to settle the outstanding amount of 334,362 dirhams.

Additionally, the court mandated the defendant to compensate the bank with an amount of 10,000 dirhams for material damages. According to the court's decision, the defendant was also responsible for covering legal costs, including attorney fees.

Follow Us on Follow Alkhbr News at Google News