JUDGMENT
Kwach JA. On 21st January, 1981 Pop-In (Kenya) Ltd (the first respondent) executed a floating debenture in favour of Habib Bank AG Zurich (the appellant) to secure a loan of Shs 10,000,000/- granted to the first respondent by the appellant. This loan was also secured by two charges. The first charge dated 21st January, 1981 was given by Rajnikant Shah (the second respondent) and Hasmukh Sumaria (the third respondent) over their piece of land in Parklands Nairobi, Plot LR No 209/3007/3. The second charge also dated 21st January, 1981 was given by the second respondent and Ratilal Shah (the fourth respondent) over their property on Plot LR No 209/2779/5. The debenture gave the appellant the power to appoint a receiver in the event of default by the first respondent and the two charges gave the appellant as chargee, the power to exercise its statutory power of sale in the event of default by the first respondent.
On 1st October, 1985 the appellant demanded from the first responden…