crdb bank plc vs kilimanjaro sar limited and 2 others 2024 tzhc 278 13 february 2024

crdb bank plc vs kilimanjaro sar limited and 2 others 2024 tzhc 278 13 february 2024

The 1st defendant defaulted on the loan agreement, and the 2nd and 3rd defendants, as guarantors, are jointly and severally liable for the outstanding debt and interest as per the guarantee and indemnity agreement. The plaintiff is entitled to recover the outstanding sum, contractual interest before judgment, statutory interest after judgment, general damages, and costs.

Citation
crdb bank plc vs kilimanjaro sar limited and 2 others 2024 tzhc 278 13 february 2024
Parties
Plaintiff: CRDB Bank PLC; 1st Defendant: Kilimanjaro SAR Limited; 2nd Defendant: Amour Ally Abdallah; 3rd Defendant: Ivan Braun
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
13 February 2024
Procedural Posture
Civil Case / Ex Parte Judgment
Outcome
Judgment for the plaintiff
Legal Topics
Loan Default, Directors' Guarantee, Indemnity, Interest on Judgment Debt, General Damages
Source Language
English
Banking Law Contract Law Civil Procedure Loan Default Directors' Guarantee Indemnity Interest on Judgment Debt General Damages

Case Brief

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Parties

CRDB Bank PLC

Plaintiff

Kilimanjaro SAR Limited

1st Defendant

Amour Ally Abdallah

2nd Defendant

Ivan Braun

3rd Defendant

Procedural Posture

Civil Case / Ex Parte Judgment

Legal Issues

  1. 1 Whether the plaintiff and the 1st defendant entered a loan facility agreement
  2. 2 Whether the 1st defendant breached the loan facility agreement
  3. 3 Whether the plaintiff and the 2nd and 3rd defendants entered into a Directors’ Guarantee and Indemnity agreement

Ratio Decidendi

The 1st defendant defaulted on the loan agreement, and the 2nd and 3rd defendants, as guarantors, are jointly and severally liable for the outstanding debt and interest as per the guarantee and indemnity agreement. The plaintiff is entitled to recover the outstanding sum, contractual interest before judgment, statutory interest after judgment, general damages, and costs.

Court Disposition

Judgment for the plaintiff

Orders

  • The 2nd and 3rd defendants are jointly and severally ordered to pay USD 79,221.03 as the outstanding loan owed to the plaintiff.
  • Interest at 8.5% per annum on the outstanding sum from 13.05.2022 to the date of judgment.