Justice Francis Tuiyott, however, allowed the evaluation of the expression of interest that have been received to continue but restraining the lender from selling the properties until June 14 when the parties will appear before the appeals court.
This is a big relief for owners who now have another chance to fight to salvage their properties at the court of appeal.
The owners, in their court documents, accused the bank of acting in bad faith when it commenced auctioning movable property on May 2, arguing that it was seeking to pre-empt their appeal.
The owners of Karuturi flower farm have been given temporary reprieve after the High Court restrained Stanbic Bank from auctioning their property until June when the parties will appear before the Court of Appeal.
Justice Francis Tuiyott, however, allowed the evaluation of the expression of interest that have been received to continue but restraining the lender from selling the properties until June 14 when the parties will appear before the appeals court.
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, 2018, when the parties herein are due to appear before the court of appeal in respect to the application under Rule 5(2) of the court of Appeal Rules,” ordered Justice Tuiyott.
This is a big relief for owners who now have another chance to fight to salvage their properties at the court of appeal.
The owners, in their court documents, accused the bank of acting in bad faith when it commenced auctioning movable property on May 2, arguing that it was seeking to pre-empt their appeal.
Karuturi, one of the world’s top growers of roses exporting more than a million stems annually, was put under receivership in 2014 after failing to service a Sh383 million loan borrowed from CfC Stanbic.
