RULING OF THE COURT
This is a Rule 5(2)(b) application which inter alia seeks an injunction to restrain the respondent Bank from realizing property, Kwale/Diani Beach/Block/603 in exercise of its statutory powers of sale and further seeks a stay of further proceedings in High Court Civil Case No. 709 of 2009 pending the hearing of an intended appeal against a ruling of the High Court (Kimondo, J.), made on 17th November 2011 in High Court Civil Case No. 709 of 2009. The application is supported by an affidavit sworn by the applicant/chargor on 24th November 2011.
The factual background of the dispute is that in 2007, the applicant who is the registered owner of Kwale/Diani Beach/Block/603 applied for a development loan in the sum of Kshs.7 million to complete construction of a commercial building adjacent to the aforesaid parcel being Kwale/Diani Beach/Block/605. The loan was approved in March 2008 and a charge over parcel 603 (above) was executed on 26th March 2008 and the disbursement…