Dubai-based real estate organization Deyaar Development, which in 2019 won a dispute related to the acquisition of land against the developer, Limitless, said its board of directors has set out to acknowledge the settlement proposal, yet with a couple of conditions.
The Court of Cassation had ordered Limitless to pay 411.9 million dirhams to Deyaar, in addition to expenses and compensation of 61.1 million dirhams.
Regarding Limitless LLC’s proposal of plots of land and money, Deyaar’s board on Wednesday said it would acknowledge the plots of land on the off chance that it has all the infrastructure just as endorsements for the master plan from all relevant authorities.
Furthermore, the land valuations should be done by an independent third-party valuer designated mutually by the parties, Deyaar said in a disclosure to DFM where its offers are listed.
When the draft settlement is concluded with Limitless, Deyaar would look for shareholder approval through a special resolution, the developer said.
Limitless, which worked in waterfront developments, went in for the third rebuilding of its debt recently.