RULING OF THE COURT
The applicant, Ceaser Njagi Kunguru, borrowed a sum of Shs.1,380,000/= from the respondent, Kenya Commercial Bank Limited, during the year 1996 and his property known as L.R. BARAGWE/RAIMU/1164 was charged to the respondent as security for repayment of the loan. It is not in dispute that the applicant was unable to service the loan. He admitted in the plaint, he filed in the superior court, that he put the proceeds of the loan into a business of brewing which business collapsed. He later started a business of importing and selling motor vehicles and from the profits of that business he was able, somewhat, to service the loan. However, he still remained in arrears and the respondent in purported exercise of its statutory power of sale advertised the said property for sale by public auction. The auction which was scheduled at first for 11th April, 1997 was cancelled as the applicant made proposals for payment of the balance of the loan amount which proposals were acce…