RULING OF THE COURT
This application is brought under rule 5(2)(b) of our Rules for a stay of execution of the order made by Ang'awa, J. on June 17, 1997, pending the hearing and determination of the intended appeal. By this order, the learned judge ordered the applicant, the defendant in Mombasa H.C.C.C. No. 38 of 1997, to deposit Shs.38,700,000/= in an interest bearing account with the East African Building Society in the joint names of the advocates of the parties to the suit and the Deputy Registrar of the High Court of Kenya at Mombasa within 7 days and in default summary judgment shall be entered against the applicant. In the event of the applicant making payment as ordered, it would then have leave to defend the suit and to prosecute its counter-claim.
The applicant purchased from the respondent ALL THAT seafront piece or parcel of land known as subdivision Number 1549, Section I, Mainland North, the suit property, for the price of Shs.43,000,000/=. The Transfer in its favour was…