King James Comprehensive School Limited & 2 Others v ECO Bank Uganda Limited (Miscellaneous Application 2755 of 2023; Miscellaneous Application 2756 of 2023) [2024] UGCommC 267 (17 January 2024)

**THE REPUBLIC OF UGANDA**

## IN THE HIGH COURT OF UGANDA AT KAMPALA (COMMERCIAL DIVISION)

**MISCELLANOUS APPLICATION NO. 2755 AND 2756 OF 2023**

- 1. KING JAMES COMPREHENSIVE SCHOOL LIMITED - 2. ODONGO DICKSON - 3. AJWANG EVALINE

**APPLICANTS**

## VERSUS

ECO BANK UGANDA LIMITED ::::::::::::::::::::::::::::::::::::

BEFORE: HON. LADY JUSTICE ANNA . B. MUGENYI

## Date: 17<sup>th</sup> January 2024

## **RULING**

I have read the pleadings and listened to the submissions of counsel in this matter.

Counsel for the respondent conceded to the application provided the **15** applicant furnished a bank guarantee for the decretal sum of Uax 5,341,084,070.44 as undertaken by them within 14 days.

Counsel for the applicant, from the Bar, prayed the applicant be allowed to deposit 5% of the decretal amount and relied on case law to submit that the

- court had discretion regarding determination of the amount of security for the $20$ due performance of the decree to be deposited by the applicant.

Order 43 Rule 4(3) of the Civil Procedure Rules (CPR) provides that "stay of execution maybe granted by court upon being satisfied that:-

c) Security has been given by the applicant for the due performance of the decree or order as may ultimately be binding upon him or her...."

The applicants in their affidavit in support averred that the applicants are willing to deposit into court security for the due performance of the decree in the form of bank guarantee. The decree referred to indicates a decretal amount of Ugx 5.341,084,070.44/= and the Bank Guarantee the applicants are willing to deposit

is for the due performance of the decree. The law is clear on this aspect and the applicant is willing to comply with the law as stated. The submissions of counsel for the applicants from the Bar praying to deposit 5% of the decretal sum cannot be relied on by this court and appear to be an afterthought.

In the circumstances, the applicants are directed to give security for the due performance of the decree in the sum of Ugx 5,341,084,070.44 as indicated in their affidavit in support.

Since the parties are amenable to the security for the due performance of the decree in the form of a bank guarantee, the applicants should avail the same in the said form within 2months from the date of this Ruling; failure of which execution proceedings may continue.

nhitur

Anna . B. Mugenyi

Judge

a) ...

b) $\ldots$

17<sup>th</sup>.01.2024

Scanned with CamScanner