locus debt managment limited vs symbion power tanzania limited 2021 tzhccomd 3415 22 november 2021

locus debt managment limited vs symbion power tanzania limited 2021 tzhccomd 3415 22 november 2021

Given the Respondent's willingness to furnish security and the risk of directors leaving the jurisdiction, the Court ordered the Respondent to deposit USD 30,000,000 with the Registrar pending determination of the main suit. Costs awarded to the Applicant as the Respondent's actions necessitated the application.

Citation
locus debt managment limited vs symbion power tanzania limited 2021 tzhccomd 3415 22 november 2021
Parties
Applicant: Locus Debt Management Limited; Respondent: Not specified (Respondent)
Court
TZHCCOMD
Jurisdiction
Tanzania
Judgment Date
22 November 2021
Procedural Posture
Miscellaneous Commercial Application / Ruling on Application for Security and Attachment Before Judgment
Outcome
Application granted in part
Legal Topics
Attachment Before Judgment, Security for Debt, Costs, Enforcement of Settlement
Source Language
English
Civil Procedure Commercial Law Attachment Before Judgment Security for Debt Costs Enforcement of Settlement

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Parties

Locus Debt Management Limited

Applicant

Not specified (Respondent)

Respondent

Procedural Posture

Miscellaneous Commercial Application / Ruling on Application for Security and Attachment Before Judgment

Legal Issues

  1. 1 Whether the Respondent should be ordered to furnish security for the claimed debt
  2. 2 Whether attachment before judgment should be granted
  3. 3 Whether costs should be awarded

Ratio Decidendi

Given the Respondent's willingness to furnish security and the risk of directors leaving the jurisdiction, the Court ordered the Respondent to deposit USD 30,000,000 with the Registrar pending determination of the main suit. Costs awarded to the Applicant as the Respondent's actions necessitated the application.

Court Disposition

Application granted in part

Orders

  • Respondent to deposit USD 30,000,000 with the Registrar by 24th November 2021 pending determination of Misc. Commercial Cause No.63 of 2021.
  • If Respondent fails to comply, adverse orders against directors will follow upon notification by Applicant.