ABU DHABI (ALETIHAD)
The Judicial Department in Abu Dhabi reached a full settlement for execution files in lawsuits brought by buyers in Wahat Al Zaweya Project.
These lawsuits involved a total of 822 execution files, with final court rulings requiring the refund of deposits totalling Dh702 million.
This comprehensive settlement was the result of the efforts made by the judicial body tasked with handling disputes related to Wahat Al Zaweya Project.
The judicial body was established by the decision of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Judicial Department in Abu Dhabi, with the aim of taking necessary precautionary measures to preserve the claimants' funds until the debt is settled, while ensuring sufficient guarantees for execution.
In detail, the special judicial body settled execution files belonging to buyers after final rulings were issued to terminate the contracts with them, deposit the settlement amounts into their bank accounts, and finally close the execution files in those lawsuits.
Meanwhile, the judicial body is working on completing the second phase of settlement with buyers who had lawsuits filed before the start of the first phase of settlement, totalling 630 buyers, by giving them the option to continue in the project after it is re-offered according to current real estate market conditions.
The second phase is focused on resolving all pending lawsuits through agreements that ensure the claimants receive their rights, while giving them the choice, as a legal right, to proceed after confirming their intention to take advantage of it based on current real estate market information before finalising the lawsuits, ultimately resulting in the closure of Wahat Al Zaweya Project file.
The judicial body proceeded with reinitiating the project that had been paused, following the submission of a proposal by the company's board of directors to resolve legal issues by the end of year and to carry out the development through authorised contractors and hand over the properties to their rightful owners within specified timelines, varying from one to three years depending on the location within the ten segments of the project.
The company is committed to depositing all amounts collected into the escrow account and not to disburse any amount until obtaining a certificate from the relevant authority indicating the completion percentage of the work, with any disbursement being proportional to the progress of the completed work.
In this context, the company has committed to making timely payments for the initial installments and has given a legal assurance to fulfil the project as per the agreed terms with buyers who have not filed claims, in addition to settling with claimants who wish to proceed with the project.