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Court temporarily halts PrideInn liquidation order

PrideInn Paradise Beach Resort Convention Centre and Spa in Shanzu, Mombasa. FILE PHOTO | NMG
PrideInn Paradise Beach Resort Convention Centre and Spa in Shanzu, Mombasa. FILE PHOTO | NMG 

PrideInn Hotels and Investments Ltd got a reprieve on Wednesday after the Court of Appeal suspended the execution of a judgment placing it into liquidation for its inability to pay a Sh69.3 million debt.

The stay of execution of the judgment has been issued pending the filing, hearing and determination of an appeal by PrideInn Hotels and Investments Ltd against the judgment issued by the High Court.

The move follows a consent order agreed upon by the parties which will see PrideInn Hotel and Investments Ltd provide Tropicana Hotels Ltd a Sh90 million bank guarantee within the next 45 days.

“The terms of guarantee to be approved by the respondent’s advocates,” the consent order stated in part.

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