RULING OF THE COURT
1. Thrift Estates Limited (1st applicant) borrowed a sum of Ksh. 30,000,000 (thirty million) from Equatorial Commercial Bank (2nd respondent), (the Bank) sometime in September, 2011. As security for the loan, it charged land Parcel L.R No. 14902/70 (IR 89871) (suit property) which property was registered in the name of the 2nd applicant (Dakagi Holdings Limited), as security for the said loan.
2. Following default in repayment of the loan the Bank advertised the suit property for sale on 4th September, 2013. This prompted the applicants to move to the High Court vide Nairobi HCCC No. 403 of 2013 in an endeavour to stop the impending sale. Before the suit was heard, the parties engaged in out of court negotiations which culminated into a consent order in which the 1st applicant agreed to dispose of some other properties in a bid to liquidate the outstanding loan. Before this arrangement come to fruition, the Bank once again advertised the suit property for sale by pub…