RULING OF THE COURT
Brought pursuant to Rule 5(2)(b) of the Court of Appeal Rules, the application to which this ruling relates seeks an order of injunction to restrain the respondents, their servants, or agents from selling or in any other way adversely dealing with the suit property, namely L.R No. 1160/689 (I.R No. 84262) at Kwarara Road in Karen, pending the hearing and determination of the intended appeal.
This, in brief is how the dispute arose. The 1st applicant company is a signatory to an Advisory and Arranging Mandate Agreement dated 8th January 2014, between itself and CFC Stanbic Bank Ltd (CFC). Under the said agreement, CFC was to offer the 1st applicant a loan facility of USD. 250,000 to cover the cost of an initial bank feasibility study for a proposed aerial cable car passenger line that would span the Likoni Inlet in Mombasa under the operation of the 1st applicant, by concession of the Kenya Ferry Service. It was a condition under the agreement that the loan was to be …