Court verdict on Dubai Marina 101 may end investors’ agony – ZAWYA

Court verdict on Dubai Marina 101 may end investors’ agony – ZAWYA

Dubai court verdict on the stalled Marina 101 tower project is now expected within weeks, hopefully putting an end to the protracted dispute between the lender banks and the developer while safeguarding the rights of investors who have been left in the lurch for so long, industry sources revealed.. Three lender banks - Bank of Baroda , Indian Overseas Bank and Bank of India - whom the project was mortgaged, are reportedly trying to get a new developer to complete the abandoned project once the court verdict gives clarity on the project that could not be completed by its developer Sheffield Holdings Limited due to lack of funds.. The three lenders had given the developer a term loan of Dh349 million under club deal arrangement, and the amount has now reached Dh427 million, according to a debt note, dated April 24, 2019, on the website of one of the lenders.. Abu Ali Shroff, the founder of Sheffield Holdings Limited, who is in India, in statement to Khaleej Times, claimed his firm is trying to get the funds to complete the project with the assistance of an investment fund from overseas.. Denying the allegation that the bank had