JUDGMENT
JUDGMENT OF W. KARANJA, JA.
The 1st appellant is a Construction and Engineering Company which engages in local, regional and international road and bridge construction projects. The 1st to 3rd respondents are Limited Liability Companies and Banking Institutions licenced under the Banking Act, Cap 488 Laws of Kenya. On diverse dates in 2009, the 1st appellant approached Bank of Africa (K) Limited (1st respondent) with a view to obtain credit facilities as follows: Trade bills discounting up to a maximum sum of Ksh. 150,000,000; Guarantee/Bonds upto a maximum limit of Ksh. 100,000,000 and a letter of Credit to crystallize to asset Finance up to a maximum limit of Ksh. 50,000,000.
The 8th and 9th respondents signed as guarantors an inter-lenders agreement dated 17th June, 2011 which spelt out the terms of the banking facilities to the 1st appellant. They also charged their properties to secure the said amounts. The 1st respondent through its letter of offer dated 5th November, 2009…