pristine properties limited others vs eco bank tanzania limited 2023 tzca 17267 22 may 2023

pristine properties limited others vs eco bank tanzania limited 2023 tzca 17267 22 may 2023

Applicants cumulatively fulfilled conditions for stay of execution by demonstrating substantial loss and providing a firm undertaking to furnish security. Security must be for the decretal sum, not the execution sum.

Citation
pristine properties limited others vs eco bank tanzania limited 2023 tzca 17267 22 may 2023
Parties
Applicant: Pristine Properties Limited; Applicant: Muslim Shivji Karim; Applicant: Gulam Mohamedali Punjani; Applicant: Sabry Ally Said; Respondent: Ecobank Tanzania Limited
Court
TZCA
Jurisdiction
Tanzania
Judgment Date
22 May 2023
Procedural Posture
Civil Application / Ruling on Application for Stay of Execution Pending Appeal
Outcome
application granted
Legal Topics
Stay of Execution, Security for Due Performance, Mortgage Enforcement, Appeal Process
Source Language
English
Civil Procedure Banking Law Stay of Execution Security for Due Performance Mortgage Enforcement Appeal Process

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Parties

Pristine Properties Limited

Applicant

Muslim Shivji Karim

Applicant

Gulam Mohamedali Punjani

Applicant

Sabry Ally Said

Applicant

Ecobank Tanzania Limited

Respondent

Procedural Posture

Civil Application / Ruling on Application for Stay of Execution Pending Appeal

Legal Issues

  1. 1 Whether applicants have demonstrated substantial loss if stay is not granted
  2. 2 Whether applicants have provided sufficient security for due performance

Ratio Decidendi

Applicants cumulatively fulfilled conditions for stay of execution by demonstrating substantial loss and providing a firm undertaking to furnish security. Security must be for the decretal sum, not the execution sum.

Court Disposition

application granted

Orders

  • Execution of judgment and decree in Commercial Case No. 148 of 2018 stayed pending appeal.
  • Applicants must deposit bank guarantee of TZS 3,708,134,236.45 and USD 292,120.35 within thirty days as security.