Court allows bank to auction propertyover Sh394 million debt

Elite Intelligent Systems moved to court early this year and petitioned the court to make an order for its liquidation...

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The High Court has permitted Gulf African Bank to auction a prime property in Nairobi to recover a debt of Sh394 million owed by Elite Intelligent Traffic Systems Limited.

Sh394 million is the outstanding debt enabling the bank to proceed with the auction.
Elite Intelligent Traffic Systems Limited claims insolvency and has petitioned for liquidation.
Justice Josephine Mong’are emphasized that the stay order does not apply to a bank exercising its right of sale on secured property.

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