The applicant, as title holder under the financial lease, is entitled to repossess the seven buses from the respondent due to expiry and breach of the lease agreement, non-exercise of the purchase option, and failure to surrender the equipment after due notice. The respondent's arguments of full payment and co-ownership are legally misconceived; title and ownership are distinct, and the buses are subject to the lease. The application is not an execution of a prior decree but an independent statutory remedy under the Financial Leasing Act.
The application is barred by the doctrines of res judicata, functus officio, issue estoppel, and constructive res judicata because the issue of ownership and the right to repossess the leased equipment was already determined in Commercial Case No. 107/2019, where the court found the purchase option had been exercised and the applicant's remedy is limited to execution of the monetary decree, not repossession.
The trial court had jurisdiction to entertain the repossession application under the Financial Leasing Act despite the arbitration clause, as the agreement and statute expressly provided for repossession in case of default, and the application did not require a main suit. The previous ruling involved different reliefs and was not contradictory.
The High Court dismissed Stanbic Bank’s claim for loan balance under a finance lease, finding the bank failed to prove the outstanding amount and had unlawfully sold the leased assets.
Commercial dispute over leased trucks and loan default. The court upheld the bank’s repossession and sale, found the debt proved, and held both defendants liable.