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Tanzania decisions
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The High Court held that a credit facility was to be drawn down in tranches, not paid as a lump sum, and dismissed the borrowers’ claim with costs.
The High Court Land Division refused a Mareva injunction over Mwanza properties, finding an arguable dispute but no irreparable loss or favourable balance of convenience.
The defendants breached the credit facility agreement by failing to repay the principal and accrued interest after benefiting from the loan, and their arguments regarding the plaintiff's alleged breaches did not absolve them of liability. The court found the defendants responsible for the debt and awarded the principal, accrued interest, commercial interest, and costs to the plaintiff.
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The High Court recorded a settlement between Exim Bank, Tanzania Fertilizer Company Limited, and the Attorney General and marked the commercial dispute settled by consent judgment.
The defendants' written statement of defence contained a clear and unambiguous admission of liability for the principal sum of TZS 3,955,906,566.26, justifying entry of judgment on admission for that amount under Order XII Rule 4 of the Civil Procedure Code.
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The 1st defendant breached the credit facility agreement and its amendment by failing to comply with the repayment schedule. The 2nd defendant, as guarantor, is liable under the corporate guarantee. The defendants are jointly liable for the outstanding loan amount as proven by the plaintiffs’ bank statement, but only to the extent strictly proved (TZS 9,433,451,637.76).
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The High Court upheld Ecobank’s claim, finding a valid credit facility and guarantees, rejecting the defendants’ board-resolution and full-payment defences.
The High Court upheld a bank’s counterclaim for loan default, found the default notice valid, and ordered repayment, interest, and costs.
Ex parte commercial judgment for unpaid goods supplied on credit, with contractual interest and costs awarded after the defendant failed to appear or defend.
The High Court refused a temporary injunction after finding the applicants had admitted default under the credit facility and failed to show a triable issue or irreparable harm.
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