The Appellant in the application dated 06.06.2022 seeks an order for stay of execution under Order 42 rule 6 of the Civil Procedure Rules following dismissal of its appeal on 31st May 2022. The result of the judgment is that the Appellant shall be required to pay about KES. 300,000,000.00 in taxes. There is no dispute that the Appellant has evinced its intention to appeal to the Court of Appeal. The only issue is the nature and extent of security to be offered. It not in dispute that the Appellant is a solid and reputable Bank.
Having considered the arguments by the parties on the security, I allow the application dated 06.06.2022 on the following terms:
1. A stay of execution or further collection of taxes based on the judgment dated 31.05.2022 be is and is hereby issued on terms hereunder.
2. The Appellant shall provide a Bank Guarantee in favour of the Respondent for the sum of KES 30,000,000.00 within 15 days from the date hereof.
3. In default the compliance with the aforesaid condition, the stay shall stand discharged and the Respondent shall be at liberty to proceed with execution.
4. The stay order shall remain in force for one year unless extended or otherwise varied by this Court or the Court of Appeal.
5. Costs of the application shall be in the appeal.
DATED and DELIVERED at NAIROBI this 8th day of JUNE 2022
D. S. MAJANJA
JUDGE