RULING OF THE COURT
This is an application under Rule 5(2)(b) of the Court of Appeal Rules in which the applicant, Jacob Ochieng Muganda, is seeking an order "for injunction and stay of further proceedings from the Ruling of the High Court at Nairobi delivered on 13th November, 2001 by the Honourable Mr. Justice A. Ringera in H.C.C.C. NO. 1436 of 1999".
This is a dispute with a long history. The applicant by a plaint filed in the superior court on 24th September, 1998, averred that by a charge dated 22nd August, 1988 the respondent (Housing Finance Company of Kenya Ltd) extended to him a loan of K.Shs.652,000/- but disbursed only K.Shs.448,894.45 with interest thereon at 141⁄2% for a period of 15 years. To secure this loan the applicant offered to the respondent L.R. No. 37/246/28 Nairobi which consisted of a block of flats. The applicant further averred that the respondent loaded inflated and unlawful arrears and penalties into his contract contrary to the contract of charge between th…