NCBA BANK T LTD VS RICHARD EUSEBIO COMM CASE NO

IN THE HIGH COURT OF THE UNITED REPUBLIC OF TANZANIA (COMMERCIAL DIVISION) AT DAR ES SALAAM COMMERCIAL CASE NO. 07604 OF 2024 NCBA BANK TANZANIA LIMITED................................................. PLAINTIFF VERSUS RICHARD EUSEBIO SALEKO & M/SRKM AUTOSHOP LIMITED.....................................................................DEFENDANT JUDGMENT BY CONSENT Date of last Order: 23/10/2024 Date of Judgment: 23/10/2024 GONZI, J. The Plaintiff instituted the suit at hand against the Defendant praying for Judgment and Decree for orders that: (a) Payment by the 1st Defendant of TZS. 93,451,728.97; (b) Payment by the 1st Defendant of interest at 7% per annum on TZS. 93,451,728.97 from the date of filing the suit to the date of Judgment; 1|Page (c) Payment by the 1 Defendant of interest on the decretal amount at the court's rate of 7% from the date of judgment to the date of payment; (d) An order requiring the 2nd Defendant to surrender to the Plaintiff the original Registration Card for the Ford Ranger, Double Cabin, pick 2*2 With Chassis No. MNBUMF050XXXXXXXX. (e) In the event of failure to pay the amounts in (i) and (ii) above, an order for the attachment and sale of a Motor Vehicle make Ford Ranger, Double Cabin, pick 2*2 with Chassis No. MNBUMF050XXXXXXXX; (f) Costs of the suit, and (g) Any other relief as the Honourable Court may deem just to grant in favour of the Plaintiff. The Defendants resisted the suit and filed their Written Statement of Defence. However, in the course of proceedings, parties reached an out of court settlement on 1st October 2024 whereby they executed a Deed of Settlement. They filed the Deed of Settlement in Court on 22nd October, 2024 and recorded it in Court on 23rd October 2024 whereby the Plaintiff was represented by Ms. Faiza Salah, Learned Advocate and the Defendant was 2|Page represented by Ms. Esther Njau, Learned Advocate. The proceedings of 23rd October, 2024 are self-evident that: “MS SALAH: My Lord as we notified the court the last time that parties were in negotiations, we are happy to report that the Settlement Agreement has been signed by the parties and that the same has been filed in court. We pray for the court to record the settlement deed's terms and a Judgment by consent and decree be entered to mark the case settled. MS NJAU: That is the position my Lord. COURT ORDER: As the parties have reached an amicable out of court settlement and filed electronically in Court a Deed of Settlement on 22nd October 2024, this Court does hereby mark the case settled pursuant to the terms agreed by the parties in the Deed of Settlement and does hereby enter Judgment by Consent pursuant to the terms thereof. A decree shall follow therefrom. It is so ordered.” This Judgment by consent emanates from the Deed of Settlement executed by the parties herein on 1st October, 2024 and filed in Court on 3|Page 22nd October 2024. As the Deed of Settlement executed by the parties and filed in Court is valid for all purposes and intents, the Court does hereby proceed to pronounce Judgment by Consent in terms thereof and a Decree is extracted therefrom as follows: (a) That the Deed of Settlement executed by the parties herein on 1st October 2024 and filed in Court on 22nd October 2024 shall immediately be fully and effectively binding on the parties. (b) That the 1st Defendant shall pay NCBA Bank Tanzania Limited the sum of Tanzanian Shillings Twenty-Nine Million Eight Hundred Thousand as the agreed settlement amount (“Settlement Amount”) in 18 monthly instalments of Tanzanian Shillings One Million Eight Hundred Fifty-Two Thousand, Three Hundred Seventy Shillings and Forty Cents only (TZS. 1,852,370.40/=) payable on every 26th day of every month starting from date of execution of the Deed of Settlement. The Settlement Amount shall be payable as a full and final settlement of the Outstanding Amount. (c) That the Settlement amount shall be payable within 18 months from the date of filing the Deed of Settlement in Court. (d) That the Settlement Amount shall be deposited into NCBA’s bank account as per the below details: 4|Page Account Name: RICHARD EUSEBIO Bank Name: NCBA BANK TANZANIA LIMITED Branch: Main Branch Account No: 147136100072 Swift Code: (e) That Interest at the rate of 15% per annum shall accrue and be payable by the 1st Defendant on any outstanding amount that is not paid in accordance with paragraph (b) above; (f) That the Deed of settlement filed by the parties is in full and final settlement and upon payment of the Settlement Amount each party thereby releases and forever discharges all and/or any actions, claims, rights, demands and set-offs, whether in this jurisdiction or any other, whether or not presently known to the parties or to the law, and whether in law or equity, arising out of or connected with the Suit. (g) That in the event of failure to pay the amount in (b) above including any amount which remains due and unpaid at any time during the subsistence of the Deed of Settlement, the whole outstanding Settlement Amount including the accrued Interest shall be payable, and NCBA shall be at liberty to commence execution proceedings seeking recovery of the full outstanding amount against the 1st Defendant. 5|Page (h) That each party shall bear its own legal costs of the Claim arising this Case. It is so ordered. A. H. GONZI JUDGE 23/10/2024 Judgment is delivered in Court this 23rd day of October, 2024 in the presence of Ms. Faiza Salah, Advocate for the Plaintiff and Ms. Esther Njau, Advocate for the Defendant. A. H. GONZI JUDGE 23/10/2024 6|Page