The order was issued by judges William Ouko, Daniel Musinga and Kathurima M’inoti.
This is a reprieve for the owners who have been fighting in court to save the flower firm from the auctioneer’s hammer.
Karuturi, one of the world’s top growers of roses and which exports more than a million stems annually, was put under receivership in 2014 after failing to service a Sh383 million loan borrowed from CfC Stanbic Bank.
The Court of Appeal has suspended auctioning of Karuturi flower farm's property until July 9 when the parties will appear in court for hearing of an ongoing case on the matter.
This is a reprieve for the owners who have been fighting in court to save the flower firm from the auctioneer’s hammer.
“Counsel have by consent agreed that this application be taken out of today’s hearing list and be brought up together with the main appeal on July 9, 2018. Pending this, it is ordered that the sale of assets be held in abeyance,” read an order issued by the court on June 14.
The order was issued by judges William Ouko, Daniel Musinga and Kathurima M’inoti.
The receiver managers on May 2 advertised for the sale of some of the movable assets which include greenhouse irrigation equipment, generators, cold storage units, farm tools, motor vehicles and IT equipment.
“The process of evaluation of expression of interest that may have been commenced by the defendants shall proceed but no sale of the assets shall be concluded until June 14, when the parties herein are due to appear before the Court of Appeal in respect to the application under rule 5(2),” ordered Justice Tuiyott.
This is relief for owners who now have another chance to fight to salvage their property.
The owners, in court documents, accused the bank of acting in bad faith when it commenced auctioning of movable property arguing that it was seeking to pre-empt their appeal.
Karuturi, one of the world’s top growers of roses and which exports more than a million stems annually, was put under receivership in 2014 after failing to service a Sh383 million loan borrowed from CfC Stanbic Bank #ticker:CFC.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
