MUSCAT: A commercial claim against a customer and the guarantors was filed for recovery of outstanding dues by Muscat Finance SAOG. Countering this action, the customer filed a financial compensation claim against the company.
The Primary Court dismissed this compensation claim by the customer and directed the customer to pay a sum of OMR 411,495/121, a penal charge of 2% p.a effective from July 15, 2020, until full and final settlement to the company. The court also gave permission to sell mortgaged assets in case of the customer’s inability to settle.
On appeal, the Appeal Court overruled the Primary Court’s judgement and directed the company to pay a compensation of OMR 1,500,000 to the customer.
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As far the claim against the customer was concerned, the court has released the guarantors and ordered the customer to pay the verdict amount of OMR 411,495/121. The court has also permitted the sale of mortgaged assets, only in the case of the customer’s inability of settlement.
Muscat Finance SAOG is currently in the process of filing an appeal with the Supreme Court against the Appeal Court’s judgement which includes filing an application for suspending the enforcement proceedings.
The company has claimed that it has acted in accordance with the applicable laws for safeguarding the interests of the company.
