SHIMMERS PLAZA LIMITED
V.
NATIONAL BANK LIMITED

RULING

On 9^th February 2012 I declined to certify the Notice of motion dated 8^th February 2012 as urgent. The applicant herein has applied for an order of stay of execution of the High Court Ruling and Order in HCCC No. 895 of 2009 dated 27^th January 2012 dismissing the applicant’s application for injunction pending the hearing of the suit.

I have now heard the certificate of urgency inter partes pursuant to Rule 47(5) of the Court of Appeal Rules.

I have taken into account the facts that the loan that the applicant secured as a guarantor was advanced over 14 years ago; that the dispute has been raging in court since 2001 when the applicant filed HCCC No. 229 of 2001 and obtained an order of injunction to restrain the respondent bank from exercising its statutory power of sale; that the respondent bank appealed against the order of injunction in Civil Appeal No. 26 of 2002; that on 3^rd July 2009 the Court of Appeal confirmed the injunction until the respondent’s bank issued a valid statu…