Meru Wood Industries Limited v Absa Bank (K) Ltd & another (Civil Case E011 of 2024) [2026] KEHC 5907 (KLR) (29 April 2026) (Directions)
The defendant is entitled to exercise its statutory power of sale as the loan remains unsettled and the valuation report is consistent with legal requirements.
Source-derived case information.
- Citation
- [2026] KEHC 5907 (KLR)
- Parties
- Plaintiff/applicant: Meru Wood Industries Limited; 1st Defendant/respondent: Absa Bank (K) Ltd; 2nd Defendant/respondent: B. Gathiru t/a Regent Auctioners
- Court
- High Court
- Jurisdiction
- Kenya
- Case Number
- Civil Case E011 of 2024
- Procedural Posture
- Civil / Directions Following Prior Ruling
- Outcome
- Defendant allowed to proceed with statutory power of sale.
- Legal Topics
- Statutory Power of Sale, Valuation of Mortgaged Property
- Source Language
- en
Source-derived case record
Summary, issues, holding and outcome
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Parties
Meru Wood Industries Limited
Plaintiff/applicant
Absa Bank (K) Ltd
1st Defendant/respondent
B. Gathiru t/a Regent Auctioners
2nd Defendant/respondent
Procedural Posture
Civil / Directions Following Prior Ruling
Legal Issues
- 1 Whether the defendant is entitled to exercise statutory power of sale over LR NO. NYAKI/MURATHANKARI/3323
- 2 Whether the valuation report meets legal requirements
Ratio Decidendi
The defendant is entitled to exercise its statutory power of sale as the loan remains unsettled and the valuation report is consistent with legal requirements.
Court Disposition
Defendant allowed to proceed with statutory power of sale.
Orders
- Defendant to exercise powers of sale based on valuation report dated 24/3/2026
Full Case Text
Judgment text and source record
1 paragraphs
REPUBLIC OF KENYA IN THE HIGH COURT OF KENYA AT MERU CIVIL CASE NO. E011 OF 2024 MERU WOOD INDUSTRIES LIMITED……………….. PLAINTIFF/APPLICANT VERSUS ABSA BANK (K) LTD…………………………. 1ST DEFENDANT/RESPONDENT B. GATHIRU T/A REGENT AUCTIONERS ….2ND DEFENDANT/RESPONDENT DIRECTIONS 1. Further to my ruling delivered on 23/10/2025, the 1st defendant has filed a fresh valuation report prepared by Acumen Valuers Ltd, dated 24/3/2026. 2. In the stated report the open market value of the property in question, being LR NO. NYAKI/MURATHANKARI/3323 is said to be Kshs.31,000,000/= tabulated as follows: a. The plots Kshs.30,600,000/= b. Improvements Kshs. 400,000/= Total Kshs. 31,000,000/= MERU CIVIL CASE E011 OF 2024 Page 1 of 3 3. The mortgage value is assessed at Kshs.26,350,000/= while the forced value has been assessed at Kshs.23,250,000/=. 4. I had given the plaintiff leave to have its own valuer assess the property No. LR NO. NYAKI/MULATHANKARI/3323 report has been filed. 5. There is no evidence that the loan has been settled and as such the defendant is entitled to exercise its statutory power of sale. 6. I have looked at the latest valuation report and it appears to be consistent with the earlier ones that were issued by the defendant. The forced value is within the range required by the law. 7. I therefore allow the defendant to proceed to exercise its powers of sale as required by the law on the basis of the report dated 24/3/2026. 8. Orders accordingly. Dated, signed and delivered at Meru this 29th day of April 2026. ………………………… H. M. NYAGA JUDGE. MERU CIVIL CASE E011 OF 2024 Page 2 of 3 MERU CIVIL CASE E011 OF 2024 Page 3 of 3