The 1st Defendant applied for an overdraft
facility from the plaintiff. According to the evidence, that overdraft was of
Tshs. 20,000,000/=. That overdraft facility was restructured and consolidated
to be a term loan which upon consolidation and restructuring it became Tshs.
93,144,705.64 payable for the period of 24 months starting from August 2012 at
the minimum interest of 18% per annum accruing on monthly basis.
The facility was secured by a legal mortgage of Plot No.
131 and 132 Block “A” Kiseke, and by the personal guarantee of the 2nd
and 3rd defendants who were also directors of the 1st
defendant. It is also evident that the 1st defendant did not up to
the expiration of the said contract term pay any amount in discharge of its
contractual liability, while the guarantors have also never discharged theirs.
It was evident that up to 30/12/2015, the outstanding amount was Tshs.
184,520,181.98/=. This was reached at after computing the interest and penalty.
This sum was highly disputed by the defendants who went on
raising news issues in their oral testimony though not pleaded in their written
statement of defence.