RULING
I have listened to the submissions for and against the grant of Stay of Proceedings pending appeal. I have also gone through all the documents filed in this application. It is the law that Stay of Proceedings pending appeal is predicate on either of these three sources; These are the court inherent jurisdiction, the rules of Court if any as provided by statute and the provisions of a particular statute. For example, Arbitration statute.
In Atkins Encyclopaedia of Court Forms in Civil Proceedings, 2 edition, volume 37, the auditors stated at page 189 as follows:
“A stay of proceedings arises when under an order of the Court, Proceedings which have been pending in that Court are brought to a halt at the stage which they have reached, so that while the stay is in operation, the parties are precluded from taking any further step in the proceedings. Stay of Proceedings is therefore a serious and grave step because, its consequences may have far reaching importance on the parties. It …