noel james undani vs national bank of commerce limited another 2021 tzhc 1996 31 march 2021

noel james undani vs national bank of commerce limited another 2021 tzhc 1996 31 march 2021

The parties' agreement on loan repayment terms, grace period, and enforcement mechanisms is adopted as a binding and final consent order, enforceable as a court decree.

Citation
noel james undani vs national bank of commerce limited another 2021 tzhc 1996 31 march 2021
Parties
Plaintiff: Noel James Undani; 1st Defendant: National Bank of Commerce Limited; 2nd Defendant: Gadau Auction Mart & Company Limited
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
31 March 2021
Procedural Posture
Land Case / Consent Settlement Order (mediation)
Outcome
Case settled by consent; consent settlement order adopted as decree of the court.
Legal Topics
Loan Repayment, Consent Decree, Enforcement of Settlement, Security for Loan
Source Language
English
Civil Law Banking Law Land Law Loan Repayment Consent Decree Enforcement of Settlement Security for Loan

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Parties

Noel James Undani

Plaintiff

National Bank of Commerce Limited

1st Defendant

Gadau Auction Mart & Company Limited

2nd Defendant

Procedural Posture

Land Case / Consent Settlement Order (mediation)

Legal Issues

  1. 1 Whether the parties can settle the dispute through a consent order
  2. 2 Terms for repayment of outstanding loan
  3. 3 Enforcement of settlement in case of default

Ratio Decidendi

The parties' agreement on loan repayment terms, grace period, and enforcement mechanisms is adopted as a binding and final consent order, enforceable as a court decree.

Court Disposition

Case settled by consent; consent settlement order adopted as decree of the court.

Orders

  • Plaintiff granted two-month grace period for repayment from 31st March 2021 to 31st May 2021.
  • Plaintiff to pay TZS 269,440,000 within four years in 48 monthly installments.