(MENAFN - Khaleej Times) A land dispute of over Dh99 million has been settled outside of court in just five minutes.
The Reconciliation and Settlement Committee of Abu Dhabi Judicial Department (ADJD) amicably settled the major financial dispute which involved a real estate company and a UAE national.
An official from the judicial department who did not wish to be named said arbitrators convinced the two clashing parties to settle the issue.
The real estate developer had filed the lawsuit against the UAE citizen demanding Dh99 million as value of shares in a plot of land they jointly purchased for Dh165 million.
The ADJD said the defendant failed to pay because there was another case involving the same plot, between him, a bank and another real estate company - a case which he had already won in his favour, but had not collected the money yet.
During the settlement session, the committee arrived at a compromise that maintained the financial rights of the plaintiff and, at the same time, considered the financial conditions of the defendant regarding the settlement of his debts payable to the real estate company.
The ADJD, however, has not disclosed the terms of the settlement.
An official added that such a settlement had helped save money, effort and time.