Going from memory I think the judge took into account that the decision to take his loans was made before the NAMA agency was officially set up, and so was made without any input or right of appeal etc from Paddy.
NAMA could probably take the loans now.. in that they could probably take them, and then probably end up in court again. I don't think developers in general have a choice to be NAMA'd or not. Maybe the judge has ruled that NAMA cannot take Paddys loans unless the situation changes... but again, they could probably ignore that, or mis-represent the situation etc.
I think Paddy is likely out for good now.