Dubai-based real estate company Deyaar Development, which in 2019 won a dispute related to purchase of land against the developer, Limitless, said its board of directors has resolved to accept the settlement proposal, albeit with a few conditions.
The Court of Cassation had ordered Limitless to pay 411.9 million dirhams to Deyaar, plus fees and compensation of 61.1 million dirhams.
Regarding Limitless LLC’s offer of plots of land and cash, Deyaar’s board on Wednesday said it would accept the plots of land if it has all the necessary infrastructure as well as approvals for the masterplan from all relevant authorities.
In addition, the land valuations would need to be carried out by an independent third-party valuer appointed jointly by the parties, Deyaar said in a disclosure to DFM where its shares are listed.
Once the draft settlement is finalised with Limitless, Deyaar would seek shareholder approval through a special resolution, the developer said.
Limitless, which specialized in waterfront developments, went in for a third restructuring of its debt recently.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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