BY SAM ALFAN.
Spire Bank has been given greenlight to sell a property in Kabete, belonging to a construction company over a loan of Sh63 million.
High Court judge Josephine Mongare gave the lender the nod to sell the property of Yashiniyoya Trading and Construction Company, after the firm lost it bid to block the sale.
Justice Mongare dismissed the firm’s application for lack of merit.
“I find that the application before me is without merits and I shall dismiss the same. The Bank may proceed to exercise their statutory power of sale as per the law provided,” ruled the judge.
The judge observed that the company has no registerable interest in the charged property and that requisite statutory notices were properly issued to the company.
“I find that Yashiniyoya Trading and Construction Company has not established its case upon which an interim injunction can be issued,” the judge said.
It was judge’s view that parties are bound by the terms and conditions they put in their contract and the court cannot be called upon to order parties to abide by the terms that they did not negotiate to accommodate a defaulting party.
“This cannot be the basis upon which an order for injunction will be issued,” said the judge.
The company rushed to court to stop the intended sale.
