exim bank tanzania limited vs tanzania fertilizer company limited and another 2022 tzhccomd 42 24 march 2022

IN THE HIGH COURT OF TANZANIA (COMMERCIAL DIVISION)

AT PAR ES SALAAM COMMERCIAL CASE NO. 20 OF 2021 EXIM BANK (TANZANIA) LIMITED.............................PLAINTIFF

VERSUS TANZANIA FERTILIZER COMPANY LIMITED..... 1st DEFENDANT. THE ATTORNEY GENERAL.................................. 2nd DEFENDANT. CONSENT JUDGMENT, Date of last order 9th March 2022 Date of judgement 24th March 2022. Z.A MARUMA, J. This is a consent judgment that arose from a deed of settlement entered and agreed successful by the parties in this suit and filed in Court on 10th March 2022. The plaintiff herein filed a suit claimed for a breach of terms and conditions of the credit facility agreement dated 5th December 2014. The plaintiff's prayers against the defendant are, i. Declaration that the 1st Defendant breached the terms and conditions of the Credit Facility Agreement dated 5th December 2014 between her and the Plaintiff by failure to pay overdrawn amount. ii. An order that the defendants jointly and severally pay the Plaintiff the total sum of the United States Dollars Five Million Seven i Hundred Twenty-One and one cent only (USD 5,700,921.01), being the outstanding principal and agreed interest as at 31st December 2020. iii. An order that the Plaintiff be entitled dispose the mortgage on landed properties securing the credit facility for partial or full satisfaction of the outstanding balance. iv. General damages to be assessed by the Court. v. An order that the defendants pay interest in item (iii) above at the contractual rate of 14.5% for the defaulted amount

per month from the date of institution of this suit to the date of judgment. vi. An order that the defendants pay interest on the decretal sum at the rate of 7% per annum from the date of judgment to the date of full satisfaction. vii. An order that the defendants pay interest on the costs at the rate of 7% per annum from the date of judgment to the date of full satisfaction. viii. Any other order or relief as the Court may find just to grant. On 22nd February 2022, the parties appeared for necessary orders. The Mr. Jovinson Kagirwa, Advocate for the plaintiff informed the Court that parties have settled the matter. The plaintiff had received a draft deed of settlement from the office of the Solicitor General (SG), signed and remitted to SG's office for signing purposes. He also informed that, once the signing process is completed the deed of settlement will be filed in Court. 2 On 10th March, 2022 the deed of settlement entered and signed between the plaintiff, Exim Bank (Tanzania) Limited and the 1st defendant, Tanzania Fertilizer Company Limited and 2nd defendant, The Attorney General on 8th October 2022 was filed in Court. Guided by Order XXIII rule 3 of the Civil Procedure Code, Cap.33 of R.Eof 2019 that; "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 an agreement, compromise or satisfaction to be recorded, and shall pass a decree in accordance therewith so far as it relates to the suit." Also, the stand of Court of Appeal in the case of Motor Vessel Sepideh and Another Versus Yusuph Mohamed Yusuph and two Others, Civil Application No. 237 of 2013, unreported. The Court held that "Where there is a lawful agreement or compromise, die Court is bound to record settlement once it is arrived by the parties" On the above stand, I went through the deed of settlement filed on 10th March 2022 and satisfied that the parties herein have arrived amicably into a lawful agreement which settled the suit. This Court therefore, as required by the law recorded the deed of settlement entered to form part of this consent judgment in Commercial Case no. 20 of 2021. In the event, the present case is therefore marked settled to the extent of the agreement reached by the parties as per terms and conditions therein. It is so ordered. Dated AT DAR ES SALAAM on this 24™ MARCH, 2022 Z.A.Maruma, J 24/03/2022 4