center for practical development training limited vs tanzania investment bank limited another 2022 tzhc 11276 8 july 2022

center for practical development training limited vs tanzania investment bank limited another 2022 tzhc 11276 8 july 2022

Plaintiff failed to prove that Msata Farm's value was sufficient to recover the outstanding loan, relying on an expired valuation report. The Mkoko Farm was not mortgaged and cannot be sold unless legal procedures are followed. Plaintiff did not prove breach or illegality in the intended sale. Interest accrues per agreement terms, and no evidence was provided as to when plaintiff allowed sale of Msata Farm.

Citation
center for practical development training limited vs tanzania investment bank limited another 2022 tzhc 11276 8 july 2022
Parties
Plaintiff: Center for Practical Development Training Limited; 1st Defendant: Tanzania Investment Bank Limited; 2nd Defendant: Adili Auction Mart Limited
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
8 July 2022
Procedural Posture
Land Case / Final Judgment
Outcome
suit dismissed except for restriction on sale of Mkoko Farm
Legal Topics
Loan Recovery, Mortgage, Debenture, Valuation, Injunction
Source Language
English
Banking Land Law Contract Law Loan Recovery Mortgage Debenture Valuation Injunction

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 2 Party arguments 2 Amounts and remedies 10
Sign in to unlock

Parties

Center for Practical Development Training Limited

Plaintiff

Tanzania Investment Bank Limited

1st Defendant

Adili Auction Mart Limited

2nd Defendant

Procedural Posture

Land Case / Final Judgment

Legal Issues

  1. 1 Whether the value of Msata Farm is sufficient to recover the loan
  2. 2 Whether it is proper for the 1st Defendant to hold the title deed of Mkoko Farm
  3. 3 Whether the Plaintiff is subjected to interest accrued from the date the 1st Defendant was allowed to sell Msata Farm

Ratio Decidendi

Plaintiff failed to prove that Msata Farm's value was sufficient to recover the outstanding loan, relying on an expired valuation report. The Mkoko Farm was not mortgaged and cannot be sold unless legal procedures are followed. Plaintiff did not prove breach or illegality in the intended sale. Interest accrues per agreement terms, and no evidence was provided as to when plaintiff allowed sale of Msata Farm.

Court Disposition

suit dismissed except for restriction on sale of Mkoko Farm

Orders

  • Mkoko Farm should not be sold unless relevant laws or procedures for recovering loan from properties not subject to the loan’s securities are complied with
  • Each party to bear its own costs