JAVAID IQBAL KHAN & MANIZA SHARIF JAVAID IQBAL V. IQBAL TRANSPORTERS LIMITED & BANK OF BARODA (K) LIMITED

JUDGMENT OF THE COURT

This is an appeal from a ruling of the High Court wherein the court declined to issue a redemption order for the 2^nd respondent, Bank of Baroda Limited (the Bank) to discharge and release to Javaid Iqbal Khan, the 1^st appellant and Maniza Sharif Javaid Iqbal, the 2^nd appellant, the title document over Maisonette No. 6 on LR No. 1870/VI/52 (the charged property) upon payment of Kshs. 12 million in full and final settlement of the charged amount. The 1^st appellant is the registered proprietor of the charged property.

In a Plaint filed on 29^th June 2015, the appellants sought a permanent injunction to restrain the Bank from interfering with the appellants’ ownership and occupation of the charged property; a declaration that the individual and joint guarantees dated 7^th March 2009 are void and unenforceable and a declaration that the charge dated 5^th March 2008 be discharged. The appellants claimed that the Bank had unlawfully sought the sale of the charged property to…