20060609 TZCA Dar es Salaam

20060609 TZCA Dar es Salaam

The applicant would suffer irreparable injury if the property is sold before the appeal is determined, as the intended appeal would be rendered meaningless without the continued existence of the factory and machinery. The grounds for granting a stay remain the same as in the previous similar application, and there is no reason to depart from that view.

Citation
20060609 TZCA Dar es Salaam
Parties
Applicant: Sudhir F. Lakhanpal; 1st Respondent: Loans and Advances Realisation Trust (LART); 2nd Respondent: Federal Bank of the Middle East Limited; 3rd Respondent: Charles I. S. Benne
Court
TZCA
Jurisdiction
Tanzania
Judgment Date
9 June 2006
Procedural Posture
Civil Application / Ruling on Application for Stay of Execution Pending Appeal
Outcome
application granted as presented, except the 1st respondent is not covered by the orders
Legal Topics
Stay of Execution, Injunction, Sale of Assets Under Receivership, Balance of Convenience
Source Language
English
Civil Procedure Banking Law Receivership Stay of Execution Injunction Sale of Assets Under Receivership Balance of Convenience

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Parties

Sudhir F. Lakhanpal

Applicant

Loans and Advances Realisation Trust (LART)

1st Respondent

Federal Bank of the Middle East Limited

2nd Respondent

Charles I. S. Benne

3rd Respondent

Procedural Posture

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

Legal Issues

  1. 1 Whether to grant a stay of execution of the LART Tribunal ruling and decree pending appeal
  2. 2 Whether to restrain respondents from disposing of Coast Textiles Limited's property under receivership

Ratio Decidendi

The applicant would suffer irreparable injury if the property is sold before the appeal is determined, as the intended appeal would be rendered meaningless without the continued existence of the factory and machinery. The grounds for granting a stay remain the same as in the previous similar application, and there is no reason to depart from that view.

Court Disposition

application granted as presented, except the 1st respondent is not covered by the orders

Orders

  • Stay of execution of the ruling and decree of the LART Tribunal granted pending determination of Civil Appeal No. 72 of 2004
  • Respondents (except the 1st respondent), their agents and/or servants restrained from disposing of the property of Coast Textiles Limited under receivership