The Defendant in the application dated 30.11.2021 seeks stay of execution pending appeal against the ruling dismissing the application for review and the judgment against it. I have heard the parties’ arguments and I hold that since the Defendant appeals against judgment, I shall allow the application on the following terms:
1. The execution of the Judgment herein shall be stayed pending the hearing and determination of the appeal therefrom on condition that the Defendant shall furnish a Bank Guarantee in favour of the Plaintiff from a reputable bank for the sum of KES. 103,000,000.00 within 30 days from the date hereof.
2. In default of such compliance the stay order shall lapse automatically.
3. The order of stay shall remain in force for one year unless otherwise extended by this court or the Court of Appeal.
4. The Defendant shall pay the Plaintiff KES. 40,000.00 being the costs of the application within 7 days.
DATED and DELIVERED at NAIROBI on this 3rd day of FEBRUARY 2022
D. S. MAJANJA
JUDGE