CIVIL APPLICATION NO 86 5 OF 2024 VASSO AGROVENTURES LIMITED VS MAPATO B

CIVIL APPLICATION NO 86 5 OF 2024 VASSO AGROVENTURES LIMITED VS MAPATO B

The applicant fulfilled the conditions for stay of execution under Rule 11 of the Tanzania Court of Appeal Rules, 2009. Security for due performance must cover the sum owed, thus a bank guarantee of Euros 1,000,000.00 is required within 60 days.

Citation
CIVIL APPLICATION NO 86 5 OF 2024 VASSO AGROVENTURES LIMITED VS MAPATO B
Parties
Applicant: Vasso Agroventures Limited; Respondent: Mapato B.V.
Court
TANZLII
Jurisdiction
Tanzania
Judgment Date
1 January 2024
Procedural Posture
Civil Application / Application for Stay of Execution Pending Appeal
Outcome
Application for stay of execution granted, subject to conditions.
Legal Topics
Stay of Execution, Winding Up, Security for Due Performance
Source Language
English
Civil Procedure Company Law Stay of Execution Winding Up Security for Due Performance

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Parties

Vasso Agroventures Limited

Applicant

Mapato B.V.

Respondent

Procedural Posture

Civil Application / Application for Stay of Execution Pending Appeal

Legal Issues

  1. 1 Whether the applicant is entitled to a stay of execution of the High Court decree pending appeal
  2. 2 What should be the appropriate form and quantum of security for due performance of the decree

Ratio Decidendi

The applicant fulfilled the conditions for stay of execution under Rule 11 of the Tanzania Court of Appeal Rules, 2009. Security for due performance must cover the sum owed, thus a bank guarantee of Euros 1,000,000.00 is required within 60 days.

Court Disposition

Application for stay of execution granted, subject to conditions.

Orders

  • Stay of execution of the High Court decree granted pending appeal.
  • Applicant to furnish a bank guarantee of Euros 1,000,000.00 within 60 days.