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

IN THE HIGH COURT OF TANZANIA (COMMERCIAL DIVISION)

AT DAR ES SALAAM COMMERCIAL CASE NO. 127 OF 2021

BETWEEN KURINGE REAL ESTATE CO. LTD............................ PLAINTIFF

VERSUS

AFRICAN BANKING CORPORATION TANZANIA LIMITED............................................ lst DEFENDANT MAJEMBE AUCTION MART LTD........................... 2nd DEFENDANT Date of last order: 2nd November, 2022 Date of Judgment: 2nd November, 2022

CONSENT JUDGMENT MKEHA, J. The plaintiff was praying for judgement and decree against the defendants jointly as follows: .

1. Repaying the loan which the plaintiff had taken from Bank of Africa and of which the plaintiff was subjected to repay out of the house the plaintiff had purchased for commercial purposes but never utilized the same for the intended business thus invited interest of 11 P a g e 28% per annum equal to TZS 126,000,000 per annum for a period of five years and six months equal to TZS 705,600,000; 2. Disturbances and losses suffered by the plaintiff due to the defendants' negligence and failure to adhere to the auctioning legal procedures attracting damages of TZS 280,000,000; 3. Instruction fees paid to lawyers to represent the plaintiff in court in conducting Land Case No. 10 of 2016 and transfer of right of occupancy fee totalling to TZS 75,000,000; 4. Instruction fees paid to lawyers as part payment of instruction fees TZS 25,000,000; 5. Costs of the suit; 6. General damages to the tune of USD 150,000; 7. Interest on the decretal sum at a rate of 11% from the date of judgment to the date of final payment; 8. Any other reliefs, this Honourable Court shall deem fit and just to grant in favour of the plaintiff. Through a deed of settlement executed by the parties to this suit, the parties have agreed that, the l^ defendant shall pay 61% of the agreed amount that is, 610,815,941.52/=immediately after filing the deed of 2| Page settlement in court and that, the remaining 39% which is TZS. 389,184,058.48 will be paid three months after the first instalment. Therefore, pursuant to the said agreement of the parties, a consent judgment and decree is hereby entered in favour of the plaintiff in the following terms: 1. The lst defendant shall pay to the plaintiff TZS 1,000,000,000/=.

2. The lst defendant shall pay 61% of the agreed amount that is TZS 610,815,941.52 immediately after the filing of the parties' Deed of Settlement in court.

3. The lst defendant shall pay 39% of the agreed amount which is TZS 389, 184,058.48 to the plaintiff three months after payment of the first instalment.

4. Default in paying the two instalments will attract normal execution proceedings. Dated at DAR ES SALAAM this 2nd Day of November 2022. 3 | Page Court: Consent judgement and decree pronounced in the presence of Mr. Omari Msemo Learned advocate for the defendants and Ms. Jane Joseph legal Officer of the Plaintiff. 02/11/2022 4| Page