REPUBLIC OF KENYA
IN THE COURT OF APPEAL OF KENYA
AT NAIROBI
CIVIL APPEAL 18 OF 89
Munga Concrete Works Ltd.......................appellant
v
Industrial Development Bank Ltd..............respondent
Judgment.
The background facts giving rise to this appeal can be stated briefly.
In 1988, the defendant, the Industrial development Bank, advanced a sum of shs.3,500,000/= by way of a term loan to the plaintiff, on the security of title number Kiine/Rukenge/408 and a debenture granted by the Registered Land Act, cap 300. Subsequently the plaintiff defaulted loan and the defendant invoked the powers of sale conferred by the charge. On June 7th, 1988, the divisional Land control board gave consent to the controlled transaction, the nature of the transaction being transfer by the charges in exercise of powers of sale to Premsukhalal Ruda Manji for a consideration of shs.300,000.
The next relevant event was that on August 2nd 1988, the appellant, then in receivership, filed a suit HCCC No 3131 of 1988 ag…