sct 176/2018

IKHLAS COMMERCIAL BANK v IDREES [2018] DIFC SCT 176 — Debt recovery and the necessity of formal counterclaims (20 June 2018)

The dispute centered on the recovery of an outstanding personal loan balance following the Defendant’s default. The parties had entered into a written agreement on 5 January 2016, under which the Claimant provided a loan of AED 325,000 to be repaid in 48 monthly installments of AED 8,002.