SOUTHERN CREDIT BANKING CORPORATION LTD V. GRANDWAYS VENTURES LTD & WELLANCE BANK LTD (IN LIQUIDATION)

RULING OF THE COURT

This is an application under rule 5(2)(b) of the Court of Appeal Rules (the Rules) for a stay of execution of an order of injunction pending the filing, hearing and determination of an intended appeal. Southern Credit Banking Corporation Ltd, the applicant is a bank carrying on business as such, in Nairobi. The respondents; Reliance Bank Limited (in liquidation) and Grandways Ventures Limited, are named the respoTnhdiesn tsa.pplication was provoked when, on 14th September, 2001, on the application of Grandways Ventures Limited (the 1st respondent) in Kisumu High Court Civil Case No.272 of 2001, a Commissioner of Assize, P.K.K Birech granted injunctive reliefs against both respondents restraining them from dealing with property known as Reliance Centre, which stands on parcel Nos. L.R Nos 1870/IX/114, 1870/IX/115 and 1870/IX/968. The property in question was then registered in the name of Grandways Ventures Limited as lessee for a 99 year term.

The Ist respondent char…