The Court of Appeal has halted the auction of Dusit D2 Hotel Complex located at Nairobi’s 14 Riverside Drive.
This follows an application by I&M Bank and administrator appointed by the lender Vruti Shah claiming the owners of the building still owe them Sh2.82 billion.
The High Court had sanctioned the auction of the complex over a 11-year Sh5 billion debt the owners of the building; Cape Holdings Limited owed Synergy Industrial credit.
On Wednesday morning, a bench comprising three judges namely Justices Agnes Murgor, Daniel Musinga and Wanjiru Karanja put the sale of the premises on which Dusit D2 stands on hold.
An auctioneering company, Moran Auctioneers, had announced the sale of the property before I&M Band and the administrator moved to the Court of Appeal to halt the planned sale of the property arguing that it was put under administration.
The temporary halt is pending the hearing of an appeal scheduled for March 1