new msimbazi kerosene ltd vs nbc ltd 2023 tzhccomd 210 30 june 2023
The court recorded the parties' mediated agreement as a consent judgment, binding them to the specified payment schedule and settlement terms.
Source-derived case information.
- Citation
- new msimbazi kerosene ltd vs nbc ltd 2023 tzhccomd 210 30 june 2023
- Parties
- Plaintiff: New Msimbazi Kerosene Limited; Respondent: National Bank of Commerce Limited
- Court
- TZHCCOMD
- Jurisdiction
- Tanzania
- Judgment Date
- 30 June 2023
- Procedural Posture
- Commercial Case / Consent Judgment After Mediation
- Outcome
- consent judgment entered
- Legal Topics
- Loan Settlement, Consent Judgment, Debt Restructuring
- Source Language
- en
Source-derived case record
Summary, issues, holding and outcome
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Parties
New Msimbazi Kerosene Limited
Plaintiff
National Bank of Commerce Limited
Respondent
Procedural Posture
Commercial Case / Consent Judgment After Mediation
Legal Issues
- 1 Settlement of outstanding loan facilities
- 2 Terms of payment and interest
- 3 Recording of consent judgment
Ratio Decidendi
The court recorded the parties' mediated agreement as a consent judgment, binding them to the specified payment schedule and settlement terms.
Court Disposition
consent judgment entered
Orders
- Plaintiff to pay defendant TZS 17,000,000,000 as full and final settlement of all outstanding facilities as at 30th June, 2023.
- Plaintiff to pay TZS 2,000,000,000 by 30th August, 2023.
Full Case Text
Judgment text and source record
1 paragraphs
IN THE HIGH COURT OF THE UNITED REPUBLIC OF TANZANIA COMMERCIAL DIVISION AT PAR ES SALAAM COMMERCIAL CASE NO. 14 OF 2023 BETWEEN NEW MSIMBAZI KEROSENE LIMITED ......... PLAINTIFF AND NATIONAL BANK OF COMMERCE LIMITED .....................................................RESPONDENT CONSENT JUDGEMENT Date of Last Order: 17/06/2023 Date of Judgment: 30/06/2023 NANGELA, J.: Following successful mediation of the parties herein, this Court do hereby record their agreement as forming a Consent Judgment and Decree of the Court as here under: (i) That, the Plaintiff shall pay the Defendant a total of TZS. 17,000,000,000/= (Say Seventeen Billion Tanzanian Shillings) as a full and final settlement of all Plaintiff's Page 1 of 3 outstanding facilities as at 30th June, 2023. (ii) That, the Plaintiff shall pay the Defendant TZS. 2,000,000,000/= (Say Tanzanian Shillings Two Billion) by 30th August, 2023. (iii)That, the remaining amount of TZS. 15,000,000,000/= (Say Fifteen Billion Tanzanian Shillings) shall be paid to the Defendant by the Plaintiff in a period of 5 years at the annual interest rate of 5%. (iv)That, the said TZS. 15,000,000,000/= (Say TZS. Fifteen Billion) shall be paid annually at the annual installment of Tanzanian Shillings (TZS. 3,464,621, 971.92) which shall include: The principal amount and interests; and which shall be paid by: (a) 31st August, 2024 (b) 31st August, 2025 (c) 31st August, 2026 (d) 31st August 2027, and (e) 31st August, 2028. Page 2 of 3 (v) That, this agreement is recorded as Judgment and decree of the Court and each party shall bear its own costs. It is so ordered. DATED AT DAR -ES SALAAM ON THIS 30™ DAY OF JUNE, 2023 Dr. D. J. Nangela E, HIGH COURT OF TANZANIA (COMMERCIAL DIVISION) 30th day of June, 2023 Page 3 of 3