quality group ltd vs national microfinance bank nmb bank plc another 2022 tzhccomd 202 29 july 2022

quality group ltd vs national microfinance bank nmb bank plc another 2022 tzhccomd 202 29 july 2022

No illegality apparent on the face of the record was established; statutory requirements for sale and notice were complied with; valuation reports were current and verified; applicant failed to prove substantial injury or fraud. Application for extension of time and setting aside sale dismissed.

Citation
quality group ltd vs national microfinance bank nmb bank plc another 2022 tzhccomd 202 29 july 2022
Parties
Applicant: Quality Group Limited; 1st Respondent: National Microfinance Bank (NMB Bank) PLC; 2nd Respondent: Adili Auction Mart Limited
Court
TZHCCOMD
Jurisdiction
Tanzania
Judgment Date
29 July 2022
Procedural Posture
Miscellaneous Commercial Application / Ruling on Application for Extension of Time and Setting Aside Sale
Outcome
Application dismissed with costs
Legal Topics
Extension of Time, Setting Aside Sale, Auction Procedures, Valuation of Property, Illegality as Ground for Extension
Source Language
English
Civil Procedure Banking Law Property Law Extension of Time Setting Aside Sale Auction Procedures Valuation of Property Illegality as Ground for Extension

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Parties

Quality Group Limited

Applicant

National Microfinance Bank (NMB Bank) PLC

1st Respondent

Adili Auction Mart Limited

2nd Respondent

Procedural Posture

Miscellaneous Commercial Application / Ruling on Application for Extension of Time and Setting Aside Sale

Legal Issues

  1. 1 Whether illegality apparent on the face of the record warrants extension of time
  2. 2 Whether sale of mortgaged properties should be set aside

Ratio Decidendi

No illegality apparent on the face of the record was established; statutory requirements for sale and notice were complied with; valuation reports were current and verified; applicant failed to prove substantial injury or fraud. Application for extension of time and setting aside sale dismissed.

Court Disposition

Application dismissed with costs

Orders

  • Application for extension of time dismissed
  • Application to set aside sale dismissed