Banking, Finance and Insurance Law

General Industries (u) Limited V Non Performing Assets Recovery Trust & Others (Civil Appeal No 51 of 2007) [2019] UGCA 1 (17 January 2019);


Search Summary: 

This appeal first appeared in the tribunal where
a preliminary point of law was raised
successfully. This appeal therefore is from the

dissatisfaction at the tribunal ruling on the
grounds of the manner of the handling of the
matter at the tribunal, the foreclosure of the
applicant, the acquisition of the suit land,
whether the appellant relied on extrinsic
evidence to reach its conclusion, the
acquisition of the suit property and whether the
sale of the suit properties between the
defendants was lawful.

Headnote and Holding: 

The court held that this court, being a first
appellate court ought to subject the evidence
on record to a fresh review and scrutiny and
come to its own conclusions bearing in mind,
however, that it did not see the witnesses
testify. That that the point raised by the
Tribunal was a critical point of law which
could not be cured by way of amending the
plaint. That this matter was finally determined
and there is a bar at law to re-opening it. That
appellant's indebtedness or discharge from the
debt is res judicata. That at the time of the sale
of the suit properties to the fourth respondent,
the equity of redemption had already been lost.
That that an illegal sale does not reverse the
foreclosure on a debt that is due and owing.


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