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Susan Jane Shah & Rekhavanti Pankaj Shah v. Co-operative Merchant Bank Ltd & Garam Investments Limited

(2015) JELR 96502 (CA)

Court of Appeal  •  Civil Appeal 87 of 2008  •  3 Jul 2015  •  Kenya

Coram
Wanjiru Karanja, Hannah Magondi Okwengu, George Benedict Maina Kariuki

Judgement

JUDGMENT OF THE COURT

Susan Jane Shah and Rekhavanti Pankaj Shah (1st and 2nd appellants respectively) were the registered proprietors of land parcel L.R. No. 1870/VIII/15 (I.R. No. 80343) Nairobi (suit property). They were also directors of Unigate Industries Limited (borrower).

Co-operative Merchant Bank Limited (1st respondent), a limited liability company was a banking institution, which among other things was in the business of lending money, while Garam Investments Limited (the 2nd respondent), was a limited liability company carrying out auctioneering business.

From the record of appeal before us, the appellants approached the 1st respondent for a loan facility, and on 10th June, 1999 they charged their aforementioned property to secure repayment of the loan which was advanced to the borrower. After sometime, the borrower was unable to service the loan. The usual notices were issued and several correspondences exchanged, with the 1st Respondent threatening to realise the security,…

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