gapco tanzania limited another vs barclays bank plc another 2006 tzhc 188 20 december 2006

gapco tanzania limited another vs barclays bank plc another 2006 tzhc 188 20 december 2006

The court found that the plaintiffs established a serious triable issue regarding the timing and propriety of the receivership, that irreparable harm would result from disruption of their business and market position beyond mere loss of property, and that the balance of convenience favored the plaintiffs. Procedural objections were rejected as untimely or insubstantial. The injunction was granted to the extent of restraining the receiver from taking possession of the assets, maintaining the status quo until the main suit is determined.

Citation
gapco tanzania limited another vs barclays bank plc another 2006 tzhc 188 20 december 2006
Parties
Plaintiff/applicant: GAPCO Tanzania Limited; Plaintiff/applicant: GapOil Tanzania Limited; Defendant/respondent: Barclays Bank PLC; Defendant/respondent: Standard Chartered Bank Tanzania Limited
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
20 December 2006
Procedural Posture
Civil Case / Ruling on Application for Temporary Injunction
Outcome
Temporary injunction granted with qualification
Legal Topics
Temporary Injunction, Receivership, Debenture Enforcement, Conflict of Interest, Jurisdiction, Irreparable Harm, Balance of Convenience
Source Language
English
Civil Procedure Banking Law Commercial Law Temporary Injunction Receivership Debenture Enforcement Conflict of Interest Jurisdiction +2 more

Case Brief

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Parties

GAPCO Tanzania Limited

Plaintiff/applicant

GapOil Tanzania Limited

Plaintiff/applicant

Barclays Bank PLC

Defendant/respondent

Standard Chartered Bank Tanzania Limited

Defendant/respondent

Procedural Posture

Civil Case / Ruling on Application for Temporary Injunction

Legal Issues

  1. 1 Whether a temporary injunction should issue restraining the defendants from commencing or continuing receivership actions against the plaintiffs' assets until determination of the main suit
  2. 2 Whether the plaintiffs would suffer irreparable loss if the injunction is not granted
  3. 3 Whether the balance of convenience favors the plaintiffs

Ratio Decidendi

The court found that the plaintiffs established a serious triable issue regarding the timing and propriety of the receivership, that irreparable harm would result from disruption of their business and market position beyond mere loss of property, and that the balance of convenience favored the plaintiffs. Procedural objections were rejected as untimely or insubstantial. The injunction was granted to the extent of restraining the receiver from taking possession of the assets, maintaining the status quo until the main suit is determined.

Court Disposition

Temporary injunction granted with qualification

Orders

  • Receiver(s) already appointed shall not take possession of the charged assets; status quo to be maintained until disposal of the substantive matter.
  • Matter to be expedited; WSD by 29/12/2006, reply by 10/1/2007, pretrial on 11/1/2007.