crdb bank plc vs v r b construction co ltd 2 others 2023 tzhccomd 48 28 february 2023

IN THE HIGH COURT OF UNITED REPUBLIC OF THE

TANZANIA (COMMERCIAL DIVISION) AT DAR-ES-SALAAM COMMERCIAL CASE NO. 85 OF 2022 CRDB BANK PLC…………………......................................PLAINTIFF

VERSUS V.R.B CONSTRUCTION CO. LTD...............................1 ST DEFENDANT MICHAEL STANSLAUS TARABA.................................2 ND DEFENDANT JOAN MICHAEL…………………………………….3 RD DEFENDANT

CONSENT JUDGEMENT Last order: 27th February 2023 Judgment: 28thFebruary 2023 NANGELA, J., The Plaintiff herein filed this suit praying for Judgement and Decree against the Defendants as follows: 1. That, this Court be pleased to declare that the 1st Defendant is in breach of the facility letter dated 04th November 2018.

2. That, this Court declare that, the 2nd and 3rd Defendants are in breach of Director’s guarantee and indemnity.

3. That, the 2nd Defendant is breach of Personal guarantee and indemnity.

4. An order against all three Defendants jointly and severally for payment of TZS 260,938,834.71, Page 1 of 3 being outstanding loan balance and accrued interest arising from the 1stDefendant’s default to the terms of overdraft facility letter and 2nd and 3rd Defendants’ default of guarantee and indemnity deeds.

5. An order compelling the Defendants to surrender to the Plaintiffs for sale M/vehicles with Reg. No. T248 ADT, Reg. No. T716ASM and T322AWR whose registration certificates were deposited as collaterals in terms of specific debenture Deed.

6. Interest at an agreed commercial rate of 17% outstanding amount form the date of filing this suit to the date of judgment.

7. Interest at an agreed commercial rate of 12% from the date of judgment to the date of full satisfaction.

8. The Defendants jointly and severally be ordered to pay costs of this suit.

9. General damages for breach of contract to be assessed by this Honourable Court.

10. Any other relief as the Court may find just, convenient and equitable to grant. On the 19th December 2022, the Defendants herein filed their written statement of defense, and, on the 27th September 2022 the Plaintiff filed a reply. The matter was thus set for a 1 st Pre-trial Conference which was to be held on the 15th December 2022. However, after discussions, the parties formed an intention to settle this suit. This Court has always been in favour of early resolution of disputes. As such, the parties were given time to consider their option of an early settlement of the case. When the matter was once again called on for the 1st PTC and ascertainment of the status of the earlier prayers on 28th February Page 2 of 3 2022, this Court was informed that, the Parties managed to settle their differences and have filed before this Court, a Deed of Settlement. On the material date, Mr. David Chilo, learned counsel, appeared for the Plaintiff while Ms. Gladness Lema, learned counsel, appeared for the Defendants.In his prayer, Mr. Chilo requested this Court to record the Deed of Settlement as forming the Judgement and Decree of this Court. Ms. Lema supported the prayer. I have taken time to examine the Deed of Settlement filed in this Court. Having examined the said Deed, I am satisfied that the same meets the lawfulness requirements of an enforceable Deed and falls within Order

XXIII rule 3 of the Civil Procedure Code, Cap.33 R.E 2019. It means, therefore, that the suit has been adjusted wholly by the Deed of Settlement filed in this Court on 28th of February 2023. With that in mind, this Court hereby proceeds and records the Deed of Settlement. The suit is, therefore, marked “settled”at the consent of the parties, and, on the basis of terms contained in their duly signed Deed of Settlement, which Deed of Settlement shall constitute “the Decree of this Court”. It is so ordered. DATED AT DAR-ES-SALAAM ON THIS 28th DAY OF FEBRUARY 2023 ...................................

DEO JOHN NANGELA

JUDGE Page 3 of 3