NDK FINANCIAL SERVICES vs CASSARY CONSTRUCTION LTD

RULING i. Background: [1] The facts of this case are free from complexity. The Plaintiff/Respondent which is owed by the Defendants/Applicants exercised its right under Section 33 (b) of the Borrowers and Lenders Act, Act 773, 2008 to possess the property of the 2nd Defendant/Applicant which was used as collateral to secure a loan granted to the 1st Defendant Company. The record shows that the Plaintiff/Respondent subsequently obtained an Order for Reserved Price by this Court differently constituted on December 4, 2017 for the sale of the property. [2] In their bid to stop the sale the Defendants/Applicants have brought the instant application to stay execution. The Applicants are “praying for an order for stay of execution of the judgment obtained by the Plaintiff/Respondent on the basis of the facts set out in the accompanying affidavit and for any other order or orders as this Honourable Court may consider appropriate”. For the record the Defendants/Applicants have not fil...