ASAHIN INDUSTRIES LTD. vs. KOFIFOH BOATBUILDING CO. LTD.

JUDGMENT OF FRANCOIS J.S.C. Francois J.S.C. delivered the ruling of the court. The defendant-applicants move for a stay of execution “of the order made by the High Court that a 50-footer fishing vessel be delivered to the plaintiff-respondents on or before 31 December 1985.” The facts averred in support of the application disclose an original agreement between the parties whereby the applicants would build a 50-footer fishing vessel for the respondents at the price of ¢458,150. It appears that by 31 August 1979, the respondents had made deposits totalling ¢358,150 for the said boat. Apparently the difference of ¢100,000 unpaid, represented fishing tackle that could either be supplied and paid for later or dispensed with altogether. By 28 August 1984, a period of about five years, the applicants had not discharged their part of the obligation to supply the fishing vessel, so the respondent sued for recovery of their deposit of ¢358,150, with interest on the said sum, and ¢10...