On 18^th October 2024, the High Court granted Transcentury Plc (TC) and East African Cables Plc (EAC) a temporary injunction which was to be in place for 120 days to give TC and EAC time to repay the debt owed to Equity Bank Kenya Limited. TC and EAC subsequently filed an application dated 6^th February 2025 seeking to review the order of 18^th October 2024 for TC and EAC to be given an additional 6 months to repay the debt owed to Equity Bank Kenya Limited. On 20^th March 2025, the High Court extended the orders restraining the joint receivers and administrators of TC and EAC from exercising their mandate for a period of ninety (90) days to allow TC and EAC to repay in full the outstanding amounts owed to Equity Bank Kenya Limited. 

The 90-day period given by the order of 20^th March 2025 was to lapse on 18^th June 2025. TC and EAC rushed to court on 16^th June 2025 to apply to extend the 90-day period given to repay the debt, for a further 120 days. This is despite TC and EAC failing to repay the debt as ordered by the court. On 19^th June 2025, in accordance with their statutory mandate, the joint receivers and administrators of TC and EAC resumed their duties as the duly appointed receivers and administrators with a view to conduct an orderly handover of TC and EAC’s assets, records, and affairs. 

When the latest application filed by TC and EAC came up before the court on 20^th June 2025, we successfully opposed the attempt by TC and EAC to obtain interim orders pending the hearing and determination of the applications. We argued that once a review has been done, it cannot be done again. The court declined to grant interim orders pending the hearing and determination of the applications filed by TC and EAC. The judge will deal with the objections raised by the Bank to the applications by TC and EAC. The Bank contends that the court is not only functus officio but lacks the authority to hear a second application for review of its orders. This is the third time TC and EAC have sought injunctive reliefs from the High Court. Their one attempt to get the assistance from the Court of Appeal ended in failure when the court dismissed their application. This is a huge win for the Banking industry in determination of disputes arising from loan agreements.

It is notable that TC has been in default of the credit facilities advanced to it by Equity Bank Kenya Limited since October 2019. This is a period of over 5 years. TC and EAC have therefore been given ample opportunity to pay the outstanding debt by the court for the period the injunction was in place between 19^th June 2023 and 18^th June 2025 when the orders lapsed. The High Court’s decision not to grant any further injunctive reliefs to TC and EAC serves as a strong warning to borrowers who have attempted to use the courts to avoid their obligations to repay their debts.