sinani building contractors limited others vs crdb 2024 tzca 196 19 march 2024

sinani building contractors limited others vs crdb 2024 tzca 196 19 march 2024

Charged properties that are the subject of the decree and no longer in the hands of the applicants cannot serve as security for due performance of the decree. Applicants must provide a different form of security, specifically a bank guarantee for the decretal sum, to obtain a stay of execution.

Source-derived case information.

Citation
sinani building contractors limited others vs crdb 2024 tzca 196 19 march 2024
Parties
Applicant: Sinani Building Contractors Limited; Applicant: Mohamed Said Sinani; Applicant: Asma Mohamed Sinani; Respondent: CRDB Bank PLC
Court
TZCA
Jurisdiction
Tanzania
Judgment Date
19 March 2024
Procedural Posture
Civil Application / Application for Stay of Execution Pending Appeal
Outcome
application for stay of execution granted with conditions
Legal Topics
Stay of Execution, Security for Due Performance, Charged Property as Security, Bank Guarantee
Source Language
english
Civil Procedure Banking Law Stay of Execution Security for Due Performance Charged Property as Security Bank Guarantee

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Parties

Sinani Building Contractors Limited

Applicant

Mohamed Said Sinani

Applicant

Asma Mohamed Sinani

Applicant

CRDB Bank PLC

Respondent

Procedural Posture

Civil Application / Application for Stay of Execution Pending Appeal

Legal Issues

  1. 1 Whether charged property can constitute security for due performance of decree in stay of execution applications
  2. 2 What form of security is appropriate for stay of execution pending appeal

Ratio Decidendi

Charged properties that are the subject of the decree and no longer in the hands of the applicants cannot serve as security for due performance of the decree. Applicants must provide a different form of security, specifically a bank guarantee for the decretal sum, to obtain a stay of execution.

Court Disposition

application for stay of execution granted with conditions

Orders

  • Stay of execution granted on condition that applicants provide a bank guarantee for the decretal sum of TZS 283,218,845.65 within sixty days from the date of the ruling.
  • Applicants are restrained from dissipating the value of the bank guarantee during the pendency of the appeal.