Business
Court Bars Noah Real Estate from Selling 24 Apartment Units
TIKVAH Ethiopia · 2 weeks ago · Read the Full Story on TIKVAH Ethiopia
AI SUMMARY
The Federal High Court has issued an injunction preventing Noah Real Estate from selling or transferring 24 apartment units amid a contractual dispute with 32 homebuyers.
- The Federal High Court Lideta Division Civil Bench issued an injunction blocking Noah Real Estate from selling, altering, or transferring 24 apartment units.
- The units are located at the Victory Site project around Women's Square in Addis Ababa and involve 32 homebuyers.
- The buyers requested the injunction after the company failed to deliver the properties according to the contract and threatened to cancel agreements.
- The court granted the injunction to preserve the property while formal litigation proceeds.
- The injunction order has been officially served to Noah Real Estate and relevant institutions.
- Formal court hearings and regular litigation are scheduled to resume in October following the judicial recess.
- A prior 15-day notice was given to resolve the dispute through negotiation, but the company failed to provide a substantive response.
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