locus debt management limited vs oil com tanzania ltd 2022 tzhccomd 69 14 march 2022

locus debt management limited vs oil com tanzania ltd 2022 tzhccomd 69 14 march 2022

The dispute is resolved by consent through a Deed of Settlement, which the Court adopts as its judgment and decree, with orders for payment and notification as stipulated.

Citation
locus debt management limited vs oil com tanzania ltd 2022 tzhccomd 69 14 march 2022
Parties
1st Petitioner: Locus Debt Management; 2nd Petitioner: Oil Com Tanzania Limited; Respondent: Symbion Power
Court
TZHCCOMD
Jurisdiction
Tanzania
Judgment Date
14 March 2022
Procedural Posture
Winding Up Petition / Consent Judgment
Outcome
Petition marked as settled by consent; Deed of Settlement adopted as judgment and decree.
Legal Topics
Winding Up, Settlement, Liquidation
Source Language
English
Company Law Insolvency Winding Up Settlement Liquidation

Case Brief

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Parties

Locus Debt Management

1st Petitioner

Oil Com Tanzania Limited

2nd Petitioner

Symbion Power

Respondent

Procedural Posture

Winding Up Petition / Consent Judgment

Legal Issues

  1. 1 Whether the Respondent is unable to pay its debts under section 279(1)(d) of the Companies Act
  2. 2 Whether the Court should approve the winding up and appoint a liquidator
  3. 3 Whether the Deed of Settlement resolves all pending matters

Ratio Decidendi

The dispute is resolved by consent through a Deed of Settlement, which the Court adopts as its judgment and decree, with orders for payment and notification as stipulated.

Court Disposition

Petition marked as settled by consent; Deed of Settlement adopted as judgment and decree.

Orders

  • Earlier Settlement Deed filed on 11th March 2022 withdrawn.
  • Respondent to notify TANESCO and Government of Tanzania in writing within 24 hours about the Settlement Deed and payable amount.