A High Court dispute involving developer Johnny Ronan over the sale of land and properties in the exclusive Brennanstown Road area of Cabinteely in Dublin has been settled.
Receivers appointed over two companies, Carlovent and Benreef, which owned the six lots at Brennanstown Road/Lehaunstown Lane, brought proceedings against a Ronan special purpose vehicle, RGRE Devco No 8, which failed to complete the purchase of the property in 2020.
Nama-appointed receivers Declan McDonald and William O'Riordan, of PwC, sought injunctions preventing RGRE from interfering with the sale of the property. They also sought a declaration that RGRE had forfeit a deposit it paid on the failed deal to buy the property.
The case was due for hearing on Tuesday when, following talks, Paul Sreenan SC, for the receivers, said it had been settled.
The terms of the settlement include that RGRE has consented to an injunction prohibiting it, its servant or agents from taking any action to interfere with the sale of the property.
The defendant also consented to a declaration that a March 2020 contract for sale had been lawfully rescinded and that RGRE had forfeit the deposit it paid by its failure to complete the sale.
It was further agreed the defendant had no legal or beneficial interest, or any other claim, to the property.
It was also agreed RGRE would pay €70,552 in damages, €50,000 to be paid by February 28th and the remainder by April 30th. The defendant is also to pay €229,447 legal costs to the plaintiff before April 30th.
A counterclaim by RGRE was also struck out.
Right of way
The case arose out of a deal in which RGRE agreed to buy the property for €29 million in 2020 but failed to complete it.
The receivers then brought proceedings on behalf of Carlovent and Benreef.
There had been a previous dispute over the land in 2018 when Mr Ronan brought proceedings claiming rights of way over the property.
Those 2018 proceedings were settled in 2020 when Mr Ronan agreed, among other things, there were no rights of way and also agreed to buy the property for €29 million, it was claimed.
RGRE put down a deposit of €2.9 million with a completion date for sale of March 2020.
The Covid pandemic broke out and a new completion date for the sale of May 21st, 2020, was agreed, but it was not completed then either.
The receivers found a new successful bidder and they claimed that RGRE then wrote to rival developer, Tudor Homes, saying it had been the chosen bidder in the new sale and that there were issues about rights of way over the property and about the contract by RGRE to buy the land for €29 million.
The receivers claimed RGRE warned Tudor off the purchase saying it "will not hesitate" to enforce its rights and entitlements.
They also said the RGRE claims about Tudor Homes "fundamentally misrepresented" the situation regarding the sale.
Mr Justice Brian Cregan, who was due to hear the case on Tuesday, said he was very grateful to the parties for resolving the matter and made the orders sought.
