kenya comm bank t ltd vs petromark africa ltd 5 others 2011 tzhccomd 2092 19 september 2011
The court found that the plaintiff extended and the first defendant received both the overdraft facility and the term loan, both secured by the agreed collaterals and guarantees. The defendants defaulted in repayment. Admissions in pleadings and evidence established liability. The plaintiff is entitled to recover...
Source-derived case information.
- Citation
- kenya comm bank t ltd vs petromark africa ltd 5 others 2011 tzhccomd 2092 19 september 2011
- Parties
- Plaintiff: Kenya Commercial Bank (T) Ltd; 1st Defendant: Petromark Africa Ltd; 2nd Defendant: Zaid Baraka; 3rd Defendant: Mwita Waisaka; 4th Defendant: Mohamed Ismail; 5th Defendant: Humphrey Yona; 6th Defendant: Juliana Baraka
- Court
- TZHCCOMD
- Jurisdiction
- Tanzania
- Judgment Date
- 19 September 2011
- Procedural Posture
- Commercial Case / Judgment
- Outcome
- judgment for the plaintiff
- Legal Topics
- Loan Default, Overdraft Facility, Term Loan, Guarantee Enforcement, Mortgage Enforcement, Directors' Guarantees, Debenture, Pleadings and Admissions
- Source Language
- english
Source-derived case record
Summary, issues, holding and outcome
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Parties
Kenya Commercial Bank (T) Ltd
Plaintiff
Petromark Africa Ltd
1st Defendant
Zaid Baraka
2nd Defendant
Mwita Waisaka
3rd Defendant
Mohamed Ismail
4th Defendant
Humphrey Yona
5th Defendant
Juliana Baraka
6th Defendant
Procedural Posture
Commercial Case / Judgment
Legal Issues
- 1 Whether the plaintiff extended and the first defendant received the overdraft facility, term loan, and bank guarantee as alleged
- 2 Whether the facilities were duly secured by collaterals and guarantees
- 3 Whether the first defendant defaulted in repayment of the facilities
Ratio Decidendi
The court found that the plaintiff extended and the first defendant received both the overdraft facility and the term loan, both secured by the agreed collaterals and guarantees. The defendants defaulted in repayment. Admissions in pleadings and evidence established liability. The plaintiff is entitled to recover the outstanding sum, interest, and costs. Sale of mortgaged properties is ordered only if the monetary judgment is not satisfied.
Court Disposition
judgment for the plaintiff
Orders
- Defendants jointly and severally to pay TZS 364,332,659.97 minus TZS 47,577,278 already paid
- Interest on principal sum at 21% per annum from date of filing to date of judgment
Full Case Text
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