RULING
A. INTRODUCTION
[1] The matter before the Court is a Petition dated 26th July 2016 filed on even date, seeking to set aside the decision of the Court of Appeal dated 17th June 2016 which found that the Board’s suit against the Respondent was not only time barred, but that the Board had not proved its case against the Respondent for misfeasance and breach of trust owed to Trust Bank Limited (in Liquidation).
B. LITIGATION BACKGROUND
(a) High Court
[2] The Board was appointed Liquidator of the Bank on 1st August 2001. On 23rd March, 2010 it commenced litigation against the Respondents, as Executive Directors of the Bank, to recover a sum of Ksh. 1,549,591,424.41 from them as at 28th February 2010 via a Notice of Motion dated 23rd March, 2010 pursuant to Sections 323 and 324 of the Companies Act. It sought the following orders:
a) A declaration that the Respondents ... were knowingly parties to the carrying on of business of Trust Bank Ltd (in liquidation) with intent to defraud credit…