tsn oil tanzania limited others vs equity bank t limited another 2023 tzhccomd 361 3 november 2023
The Plaintiffs repaid all credit facilities to the Defendants using funds from Barak Fund. The SBLC Facility dated 26 March 2018 did not take effect as the secured event (a written loan agreement between all Plaintiffs and Barak Fund) never materialized, and no valid SBLC was issued under that facility. The Defendants' refusal to discharge collaterals after repayment constituted a breach. The Defendants' counterclaims failed for lack of proof and because the underlying facilities were not enforceable. The Plaintiffs are entitled to discharge of all collaterals, declaratory reliefs, general da…
Source excerpt
- Loan facility agreements
- Standby letters of credit (sblc)
- Mortgage discharge
- Foreign loan registration
- Breach of contract
- Counterclaims in banking disputes