crdb bank plc vs mohamed said sinani sons ltd 2 others 2023 tzhccomd 90 29 march 2023

crdb bank plc vs mohamed said sinani sons ltd 2 others 2023 tzhccomd 90 29 march 2023

The plaintiff advanced and restructured credit facilities to the 1st defendant, which were guaranteed by the 2nd and 3rd defendants. The defendants breached the terms by failing to repay the loan as agreed. The outstanding amount of TZS 614,946,043.43 remains due, and writing off the debt does not discharge the defendants' liability.

Citation
crdb bank plc vs mohamed said sinani sons ltd 2 others 2023 tzhccomd 90 29 march 2023
Parties
Plaintiff: CRDB Bank PLC; 1st Defendant: Mohamed Said Sinani & Sons Limited; 2nd Defendant: Mohamed Said Sinani; 3rd Defendant: Asma Mohamed Sinani
Court
TZHCCOMD
Jurisdiction
Tanzania
Judgment Date
29 March 2023
Procedural Posture
Commercial Case / Judgment
Outcome
Judgment for the plaintiff against the defendants jointly and severally.
Legal Topics
Loan Agreements, Debt Recovery, Guarantee and Indemnity, Breach of Contract, Restructuring of Credit Facilities
Source Language
English
Banking Law Contract Law Commercial Law Loan Agreements Debt Recovery Guarantee and Indemnity Breach of Contract Restructuring of Credit Facilities

Case Brief

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Parties

CRDB Bank PLC

Plaintiff

Mohamed Said Sinani & Sons Limited

1st Defendant

Mohamed Said Sinani

2nd Defendant

Asma Mohamed Sinani

3rd Defendant

Procedural Posture

Commercial Case / Judgment

Legal Issues

  1. 1 Whether the plaintiff advanced the credit facilities to the 1st defendant
  2. 2 Whether the plaintiff restructured the credit facilities
  3. 3 Whether there was any breach of the credit facilities by either party and to what extent

Ratio Decidendi

The plaintiff advanced and restructured credit facilities to the 1st defendant, which were guaranteed by the 2nd and 3rd defendants. The defendants breached the terms by failing to repay the loan as agreed. The outstanding amount of TZS 614,946,043.43 remains due, and writing off the debt does not discharge the defendants' liability.

Court Disposition

Judgment for the plaintiff against the defendants jointly and severally.

Orders

  • Payment of TZS 614,946,043.43 as principal sum
  • Payment of interest at 18% per annum from 26th May, 2020 till the date of judgment