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National Industrial Credit Bank Limited v. Aquinas Francis Wasike & Lantech Limited

(2015) JELR 98535 (CA)

Court of Appeal  •  Civil Appeal 54 of 2007  •  16 Oct 2015  •  Kenya

Coram
John Wycliffe Mwera, Festus Azangalala, Fatuma sichale

Judgement

JUDGMENT OF THE COURT

The judgment we are about to deliver arises from the appeal filed herein in a memorandum containing twenty-six grounds. It followed the decision of the High Court (Ibrahim J, as he then was) delivered on 24th May, 2005 in H.C.C.C. No.1414/2001.

By the plaint filed in the High Court the appellant, National Industrial Credit Bank Ltd, sued the two respondents, Aquinas Francis Wasike and Lantech Ltd seeking to recover a total of Sh.1,018,892/= as at 4th September, 2001 at a rate of 33.9% p.a. until payment in full plus such other commercial rates of interest as the appellant deemed entitled to. The claim was premised on a hire-purchase agreement entered into between the appellant and the 1st respondent on 3rd September, 1998, in which the appellant financed the 1st respondent to buy motor vehicle registration No. KAK 136T BMW for a principal sum of Sh.3,412,500/=. The agreement stated that the repayment was to be spread over 47 months at Sh.130,250/= per month. The hi…

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