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Co-operative Bank has filed an application to set aside the deal that would have seen the contractor get residential apartments, bedsitters and houses as settlement for outstanding debts.
The bank argues that all the properties are registered in its favour as security for a Sh1.1 billion mortgage loan borrowed by Suraya (Susan and Muraya) Property Group.
Eternal Foundation Construction had filed the case in February seeking to wind up Sucasa and Encasa West, which are associated with the Suraya Property Group, over more than Sh53 million debt.
As per the consent dated April 27, Sucasa had agreed to surrender 21 studio apartments, 17 one-bedroom apartments and three bed sitters to Eternal Foundation Construction to settle the winding up suit.
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