SAVINGS AND LOAN KENYA LTD V. JAYANTI & JAGDEEP DEVELOPERS LTD, JAYANTI A. PATEL & JAGDEEP L. KOTEDIA

RULING OF THE COURT

Savings and Loan Kenya Limited, (the applicant) took out a Notice of Motion under rule 5(2)(b) of the Court of Appeal Rules (the Rules) seeking an order that there be a stay of execution of the decree of the superior court given on 26th September, 2002 in its Civil Case No.2159 of 2000, pending the hearing and determination of an intended appeal against the said decree. The applicant was the defendant in the aforesaid suit which was filed by Jayanti and Jagdeep Developers Limited (first respondent), Jayanti A. Patel (second respondent), and Jagdeep L. Kotedia (third respondent), claiming various reliefs against the applicant. Before we set out those reliefs, a short resume of the background facts is imperative.

The applicant at the request of the first respondent, agreed to lend to the latter Kshs.50 million to enable it to complete the construction of several maisonette units. Parcel of land LR No.1870/111/461 was charged to secure the repayment of the loan. The dis…