Commercial International Bank loses bid to sell company’s property over Sh167million loan
Judge says CIB merely mentioned that it has been unable to realise the statutory power of sale over the charged property without stating the exact challenges.
Commercial International Bank (CIB) has endured a setback after the High Court dismissed their plea seeking an order for the creation of an informal charge against Azofco General Merchants Limited after defaulting on a loan of Ksh167million.
While dismissing their application, Justice Helene Namisi stated that attempting to seek an order for the creation of an informal charge over a property that falls outside the ambit of the letter of offer and charge instrument is asking the court to rewrite the terms of contract between the parties.
The judge stated that the CIB merely mentioned that it has been unable to realise the statutory power of sale over the charged property, Land Registration Number LR9363/85/3 IR NO 164396 in Nairobi, without stating the exact challenges.
“It is not clear what challenges it has faced, and now it wishes to realise another security offered by the defendant,” Justice Namisi stated.
The trial judge noted that it was not discernible from the evidence presented how the plaintiff came to be in possession of the title for the second property.
“It is not clear whether the second property was offered as security for the same loan or different loan,” the judge said.
Justice Namisi said that the plaintiff has left many gaping holes expecting the court to play guessing games in order to fill the blanks,
“On this issue, I find that the plaintiff has not proved its case to the required standard,” she said.
CIB, formerly known as Mayfair CIB Bank Limited, had told the court that an informal charge was created by Azofco General Merchants Limited by depositing with CIB the certificate of title of land reference Number 25401 I.R No17263 89571 upon executing the letter of offer dated May 18, 2021 in respect of the credit facilities to Azofco.
It sought to be granted leave as the chargee to exercise its statutory power of sale of the land by issuing statutory notices to the defendant pursuant to Section 90 of the Land Act, 2012 to recover the sums of Ksh 167,209,965 which remain outstanding as at March 2024 and continuing accruing interest.
It also sought an order of inhibition to restrain the defendants from leasing, charging to any third party, transferring or in any matter whatsoever interfering with the ownership of the land pending and the determination of the suit herein.
In their supporting affidavit sworn by Mourine Kahiro, a legal manager of the CIB, the lender averred that on May 18, 2021 the bank advanced a loan of Ksh 180,899,600 to the defendant for the purpose of purchasing various goods from Wilben Trade Limited.
The loan was secured by creating a charge over the land after it defaulted on the monthly payment and their account went into arrears.
As at April 9, 2024, the sum due owing was Ksh 167,209,956 and the defendant made no attempt to regularize the account despite numerous indulgences.
CIB stated that they had been unable to exercise its statutory power of sale over parcel number LR number 9363/85/3 due to challenges on the legitimacy of the title held by the defendant.
Azofco General Merchants had earlier furnished the bank with the land title to be held as security for the loan advanced to it.
For the said reason, CIB sought a declaration that an informal charge was created by the defendant by depositing the title with the plaintiff and leave for the plaintiff to exercise statutory power of sale in disposing of the said property in order to recover the loan amount.
In response, Azofco General Merchants Limited filed an objection on grounds that the application was bad in law as it sought orders outside the scope of the terms of contract being the letter of offer dated May 18, 2021 without proper justification of the law.
In determining the matter, Justice Namisi indicated that the plaintiff has the obligation to adduce sufficient evidence of a fact in order to justify a finding of a particular matter which he has done but it has merely mentioned it has been unable to realise the statutory power over the charged property,
“It is not clear what challenges it has faced. In the premise the case against the defendant is hereby dismissed with costs,” the judge ruled.
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