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Son Hardware Limited v. Development Bank of Kenya Limited

(2019) JELR 94418 (CA)

Court of Appeal  •  Civil Application 3 of 2019 (UR 3/19)  •  18 Oct 2019  •  Kenya

Coram
Milton Stephen Asike Makhandia, James Otieno Odek, Patrick Omwenga Kiage

Judgement

RULING OF THE COURT

1. By Notice of Motion dated 7th January 2019, the applicant is seeking an injunction and stay of proceedings before the High Court in Kajiado HCCC No. 44 of 2018 pending the hearing and determination of an intended appeal.

2. On or about 25th June 2010, the applicant was offered a term loan and an overdraft facility by the respondent to the tune of Ksh. 8,200,000/=. The sum was secured by a legal charge over LR No. Ngong/Ngong/24258. On or about April 2015, the applicant applied for a further loan from the respondent and offered as security, additional property being LR No. Ngong/Ngong/33632.

3. The respondent avers that as at 11th December 2018, the indebtedness of the applicant to the respondent was in the sum of Ksh. 46,975,852.40. On or about 12th October 2018, the applicant was served with a 45 days’ redemption notice and a notification of sale of the two secured properties by way of public in the exercise of the respondent’s statutory power of sale.

The notice o…

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