kuringe real estate co ltd vs african banking corporaton t ltd another 2022 tzhccomd 349 2 november 2022

Judgment and decree entered by consent based on the parties' settlement, obligating the 1st defendant to pay the plaintiff TZS 1,000,000,000 in two instalments, with execution proceedings in case of default.

Citation: kuringe real estate co ltd vs african banking corporaton t ltd another 2022 tzhccomd 349 2 november 2022
Parties: Plaintiff: Kuringe Real Estate Co. Ltd; 1st Defendant: African Banking Corporation Tanzania Limited; 2nd Defendant: Majembe Auction Mart Ltd
Court: TZHCCOMD
Jurisdiction: Tanzania
Judgment Date: 2 November 2022
Procedural Posture: Commercial Case / Consent Judgment
Outcome: Consent judgment and decree entered in favour of the plaintiff
Legal Topics: Loan Repayment, Auction Procedures, Damages, Settlement
Source Language: English

Commercial Law Contract Law Loan Repayment Auction Procedures Damages Settlement

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Parties

Kuringe Real Estate Co. Ltd

Plaintiff

African Banking Corporation Tanzania Limited

1st Defendant

Majembe Auction Mart Ltd

2nd Defendant

Procedural Posture

Commercial Case / Consent Judgment

Legal Issues

1 Repayment of loan and interest
2 Damages for negligence in auction procedures
3 Legal fees and costs

Ratio Decidendi

Court Disposition

Consent judgment and decree entered in favour of the plaintiff

Orders

1st defendant to pay TZS 1,000,000,000 to plaintiff
1st defendant to pay 61% (TZS 610,815,941.52) immediately after filing deed of settlement