[2024] KEHC 12693 (KLR)

[2024] KEHC 12693 (KLR)

The court found that the applicant had satisfied the requirements for extension of time under Section 888 of the Companies Act. There was no evidence of prejudice to the respondent, and the delay in registration was not shown to be deliberate or in bad faith. The court exercised its discretion to enlarge the time...

Source-derived case information.

Citation
[2024] KEHC 12693 (KLR)
Parties
Applicant: I & M Bank Limited; Respondent: Jumbo Steel Mills Limited
Court
High Court
Court Station
High Court at Kisumu
Jurisdiction
Kenya
Case Number
Miscellaneous Case E328 of 2024
Procedural Posture
Miscellaneous Application / Ruling
Outcome
Application allowed.
Judges
MS Shariff
Legal Topics
Company Charge Registration, Extension of Time, Secured Transactions
Source Language
en
Commercial and Corporate Company Charge Registration Extension of Time Secured Transactions

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Summary, issues, holding and outcome

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Parties

I & M Bank Limited

Applicant

Jumbo Steel Mills Limited

Respondent

Procedural Posture

Miscellaneous Application / Ruling

Legal Issues

  1. 1 Whether the court should enlarge the time for registration of the supplementary 1st legal charge created in favour of the applicant.
  2. 2 Whether the application meets the requirements under Section 888 of the Companies Act.

Ratio Decidendi

The court found that the applicant had satisfied the requirements for extension of time under Section 888 of the Companies Act. There was no evidence of prejudice to the respondent, and the delay in registration was not shown to be deliberate or in bad faith. The court exercised its discretion to enlarge the time for registration of the supplementary 1st legal charge by 30 days from the date of the ruling.

Court Disposition

Application allowed.

Orders

  • The time for registration of the supplementary 1st legal charge dated 11th July 2024 created in favour of I & M Bank Limited by Jumbo Steel Mills Limited is hereby enlarged for a period of 30 days from the date hereof.
  • This file is marked as closed.