ASW Hospitality AG v MAG Property Development LLC [2022] DIFC CFI 078 (20 December 2022)

Claim No. CFI 078/2022

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

BETWEEN

ASW HOSPITALITY AG

Claimant

and

MAG PROPERTY DEVELOPMENT LLC

Defendant


CONSENT ORDER


UPON the Consent Order dated 30 November 2022

AND UPON reviewing the Rules of the DIFC Courts (“RDC”)

AND UPON both the Claimant and the Defendant having agreed to settle the case and that the Defendant shall pay USD 440,000/- to the Claimant as a settlement amount in consideration of the amount claimed

AND UPON both the Claimant and the Defendant having agreed that the Claimant shall issue a credit note to the Defendant with a total value of USD 770,000/- (seven hundred thousand US dollars) and CHF250,000/- (two hundred fifty thousand Swiss Francs) to be used against membership cards issued by the Claimant pursuant to Clause 2.4 of the consultancy agreement dated 16 December 2022.

AND UPON all outstanding Court fees having been settled

IT IS ORDERED BY CONSENT THAT:

1. The Claimant and the Defendant settle the case and Claim No. CFI-078-2022 shall be discontinued.

2. The Defendant shall pay to the Defendant USD 440,000 within 7 days from the date of execution hereof.

3. The Claimant shall within 7 days from the date of receipt of the funds referred to in paragraph 2 above, issue a credit note(s) to the Defendant with a total value of USD 770,000/- (seven hundred thousand US dollars) and CHF250,000/- (two hundred fifty thousand Swiss Francs) to be used against membership cards issued by the Claimant pursuant to Clause 2.4 of the consultancy agreement dated 16 December 2022.

4. There shall be no order as to costs.

Issued by:
Delvin Sumo
Assistant Registrar
Date of issue: 20 December 2022
At: 2pm