East Africa Ventor Co Ltd v Agricultural Finance Corporation & another (Environment & Land Case 4A of 2020) [2022] KEELC 142 (KLR) (9 June 2022) (Ruling)

Facts

The Plaintiff, East Africa Ventor Co Ltd, claimed an injunction against the Defendants, Agricultural Finance Corporation and Legacy Auctioneering Services, to prevent the sale of two parcels of land (Sipili Donyoloip Block 1/9010 and Sipili Donyoloip Block 1/9012) which it had charged to the Defendants in 2014 to secure a loan of Kshs.10,000,000. The Defendants advertised and intended to sell the parcels without complying with the statutory requirements.

Issues

1. Whether the 1st Defendant’s statutory power of sale had arisen prior to the intended sale.
2. Whether the Plainti is entitled to the injunction sought.
3. Who shall bear costs of the suit.

Reasoning

The court found that the Plainti was served with a valid statutory notice and a notication of sale prior to the intended sale. The court also found that the intended sale of parcel 9010 was irregular due to the lack of valuation, but the 1st Defendant is obligated to undertake a valuation of both suit properties if they intend to realize the securities.

Outcome

The Plainti is not entitled to the injunction sought.

Authorities cited