RULING OF THE COURT
This is an application by INTEGRATED WOOD COMPLEX LIMITED and HOSEA KIPLAGAT, the applicants, under rule 5(2)(b ) of the Rules of this Court for an interim stay of execution pending the determination of an intended appeal against the decision of the superior court given on 4th November, 2004, whereby the applicants’ defence was struck out and judgment entered for the respondent by way of summary judgment in the sum of Shs.82,706, 408/60 with costs and interest thereon at the rate of 30% p.a. from 18th October, 2000, until payment in full.
It would appear that there is no dispute on the salient facts giving rise to the application before us. By an agreement entered into in January, 1990, between the respondent and the 1st applicant, the latter agreed to extend a Lease Hire Facility to the former for the sum of Shs.10,318,790/85 to enable the 1st applicant refinance a Lease Hire debt held in the respondent’s books in the name of Speedways Trans Africa Freighters Compan…