Consent Judgement CFAO Motors fnl

1 THE HIGH COURT OF THE UNITED REPUBLIC OF TANZANIA COMMERCIAL DIVISION AT DAR ES SALAAM COMMERCIAL CASE NO. 11126 OF 2024 CFAO MOTORS TANZANIA LIMITED……….………………..…………….. PLAINTIFF VERSUS RAPHAEL LOGISTICS LIMITED………………………………………….....DEFENDANT CONSENT JUDGMENT October 16th& 25th, 2024 Morris, J This is a consent judgment. It stems from a deed of settlement (the Deed) between the parties herein. The Deed was filed in this court on October 24th, 2024. Initially, the plaintiff filed this suit praying for judgment and decree against the defendant as follows: i. Payment of USD 235,368.00 and TZS 21,609,454.43 being the remaining balance of the Purchase Price and outstanding amounts on after sales services respectively. ii. Interest on USD 235,368.00 at the rate of 8.75% per annum from 11th April, 2023 to the date of judgment and interest on TZS 2 21,471,186.74/= at the rate of 10.12% per annum from16th April, 2024 to the date of judgment. iii. Interest on the decretal amounts at the rate of 7% from the date of judgment until full and final payment. iv. Costs of the suit. v. Any other reliefs which this Court may deem just to grant in favour of the Plaintiff. On October 16th, 2024 when this matter was tabled before me, the parties’ advocates informed this Court on prospects of amicable settlement. They thus, prayed for an adjournment so that they could be availed with time to prepare and file the Deed. Consequently, the Deed was duly executed and filed in this Court by the parties on the date mentioned earlier. Subsequent to the filing, today (on 25.10.2024) the parties have prayed for the present suit to be marked as settled and decree be extracted to that effect. The Court has considered the above prayer in line with Order XXIII (3) of the Civil P rocedure Code, Cap. 33 R.E. 2019 (the CPC) which provides that; 3 “Where it is proved to the satisfaction of the court that a suit has been adjusted wholly or in part by any lawful agreement or compromise, or where the defendant satisfies the plaintiff in respect of the whole or any part of the subject matter of the suit, the court shall order such agreement, compromise or satisfaction to be recorded, and shall pass a decree in accordance therewith so far as it relates to the suit.” Accordingly, the Court is satisfied that the parties above executed and filed the Deed on October 24th, 2024 and October 25th, 2024 respectively. As per the Deed, the defendant has agreed to pay the plaintiff USD 35,368.00 and TZS 9,050,283.36 (the initial payment) within 30 days of signing the same. The balance of USD 200,000 shall be paid in equal monthly instalments of USD 13,333.333 within a period of fifteen (15) months commencing from the date of the initial payment. It was also stated in the Deed that, among other concessions; the instalments mentioned above were to be paid in USD Bank Account No. 9120000881528 and TZS Bank Account No. 9120000364892, both maintained at STANBIC BANK TANZANIA LIMITED in the name of CFAO 4 MOBILITY TANZANIA LIMITED. Further, each party agreed to bear own costs. In the premises, the Deed is hereby recorded to form part of this consent judgment. Thus, this suit is accordingly marked settled in accordance with the terms and conditions contained in the deed of settlement as reproduced below and relevantly extracted in the decree herein. 1. Settlement Amount a) The Defendant agrees to pay the Plaintiff a total sum of United States Dollars Thirty-Five Three Hundred Sixty-Eight (USD 35,368.00) and Tanzanian Shillings Nine Million Fifty Thousand Two Hundred Eighty-Three and Thirty-Six Cents (TZS 9,050,283.36) (“Settlement Amount”) as full and final settlement of all the Plaintiff’s claims in the Suit. b) The Settlement Amount shall be paid in the following manner; USD 35,368 together with TZS 9,050,283.36 shall be paid within 30 days of signing the Deed of Settlement (“Initial Payment”). The balance of USD 200,000 shall be paid in equal monthly installments of USD 13,333.333 5 each within a period of fifteen months (15) commencing from the date of the Initial Payment. To that effect, the Defendant agrees to pay the complete Settlement Amount within a period of Sixteen (16) months. c) Below is the payment schedule for the monthly installments of USD 13,333,333 each: Date Amount (USD) December 2024 13,333.333 January 2025 13,333.333 February 2025 13,333.333 March 2025 13,333.333 April 2025 13,333.333 May 2025 13,333.333 June 2025 13,333.333 July 2025 13,333.333 August 2025 13,333.333 September 2025 13,333.333 October 2025 13,333.333 6 November 2025 13,333.333 December 2025 13,333.333 January 2026 13,333.333 February 2026 13,333.333 TOTAL 200,000.00 d) The installments of the Settlement Amounts shall be paid by the Defendant in the following bank accounts: USD Account Details Bank Name: STANBIC BANK TANZANIA LIMITED Account Name: CFAO MOBILITY TANZANIA LIMITED Branch: CENTER BRANCH Account No. 9120000881528 Swift Code: SBICTZTX TZS Account Details Bank Name: STANBIC BANK TANZANIA LIMITED Account Name: CFAO MOBILITY TANZANIA LIMITED Branch: CENTER BRANCH 7 Account No. 9120000364892 Swift Code: SBICTZTX 2 Release of Liability a) Both the Plaintiff and the Defendant acknowledges that the settlement in this Deed of Settlement constitutes a full and final settlement of the Plaintiff’s claims against the Defendant which arises out of and/or in connection with the Suit. b) Upon execution of the Deed of Settlement, the Plaintiff agree to release and forever discharge the Defendant and each of its affiliates, subsidiaries, parent Companies and its respective agents, employees, directors, associate, assigns, successor and/or any person acting on the Defendant’s behalf from any and all matters, claims, complaints, demand, liabilities of whatsoever nature arising from the Suit. 3. Authority The Signatories to this Deed of Settlement irrevocably warrant that they have full mandate to execute the Deed of Settlement, and their signature shall bind the parties named herein, their successors, agents, 8 assignees, representatives, directors or any affiliates, subsidiaries or any person acting on their behalf. Should there be any dispute arising from the validity of the authority, the respective party from which the dispute arose shall bear all the consequences. 4. Decree of Court a) The Plaintiff and Defendant shall cause this Deed of Settlement to be filed and recorded by the Commercial Court in full and final settlement of the Suit and undertake to honour the terms thereto to which they are legally bound. b) Upon recording the Deed of Settlement, the parties agree that the same shall be made a Decree of the Commercial Court and the Plaintiff shall be at liberty to execute the Decree seeking for payment of the Settlement of Amount in full or the balance of the Settlement Amount in full in the event Defendant fails to pay any of the installments agreed or any part thereof. 9 5. Costs The Plaintiff and Defendant agree that each shall bear their own costs of the Suit and any other cost arising out of and/or in connection with the Suit or the Deed of Settlement. 6. Governing Law and Jurisdiction This Deed of Settlement shall be governed and interpreted in accordance with the laws of Tanzania Mainland. It is so ordered. C.K.K. Morris Judge October 25th, 2024