JUDGMENT OF THE COURT
Briefly, to set the stage for this appeal, Intex Construction Limited (the appellant, hereinafter Intex), is a Civil Engineering firm mainly engaged with road construction within Kenya. Credit Bank Limited (the respondent) has since 2012 granted to the appellant various loans, overdrafts and other banking facilities. These facilities were secured by a legal charge for Kshs. 260,000,000/- registered against the appellant’s property known as L.R No. 209/12318 Elgon Road, Nairobi.
On 16th September, 2015, Credit Bank Limited demanded Kshs. 298,900,873.39/= from the appellant as the total debt due and owing. Kenya Commercial Bank (KCB) agreed to grant to Intex a loan facility of Kshs. 270,000,000/= for the purpose of partially taking over and repaying the outstanding sum owed to Credit Bank Limited. The balance of Kshs.28,900,873.39/= (hereinafter the residual balance) was payable by equal monthly instalments of Kshs.2, 677,977/= plus interest for a period of twelve (1…