• Latest
Supreme Court restrains Crane Bank Liquidation

Supreme Court restrains Crane Bank Liquidation

October 5, 2021

Makerere University Student Dies in Iganga Road Accident

May 28, 2025

Literature Giant Ngugi wa Thiongo Dies at 87

May 28, 2025
VINAStech Advert
Parliament Must Lead Uganda’s Clean Energy Shift in FY2025/26 Budget

Why the government needs to champion clean energy technologies awareness

May 28, 2025
Driving climate action for a sustainable future

Oil, Displacement and Despair: The hidden mental health crisis facing marginalised women and girls

May 28, 2025

UPC Urges Reflection and Reform Ahead of Uganda Martyrs Day

May 28, 2025

Chaos Erupts at DP Headquarters Over Forgery on List of Delegates Ahead of Mbarara Conference

May 28, 2025

UEDCL Blames Power Outages on Rampant Vandalism and Illegal Connections

May 28, 2025

Mao Quietly Moves DP NEC Members to Gen. Saleh’s Gulu Residence Ahead of Key Delegates Conference

May 28, 2025
Mpuuga launches new party “The Democratic Front”

Mpuuga launches new party “The Democratic Front”

May 27, 2025
Ugandans Urge Museveni to Resign Following Apology to Buganda

Ugandans Urge Museveni to Resign Following Apology to Buganda

May 27, 2025
No Suit No Class: UCU Law Students Face Dress Code Crackdown

No Suit No Class: UCU Law Students Face Dress Code Crackdown

May 27, 2025
Fake PhD Claims Dog Kajara MP Hopeful, as Wall Of Shame Campaign Heats Up

Fake PhD Claims Dog Kajara MP Hopeful, as Wall Of Shame Campaign Heats Up

May 27, 2025
  • About Us
  • Internship
  • Contact Us
Thursday, May 29, 2025
Parrots Media
No Result
View All Result
  • Login
  • News
    Parliament Must Lead Uganda’s Clean Energy Shift in FY2025/26 Budget

    Why the government needs to champion clean energy technologies awareness

    Chaos Erupts at DP Headquarters Over Forgery on List of Delegates Ahead of Mbarara Conference

    UEDCL Blames Power Outages on Rampant Vandalism and Illegal Connections

    Mao Quietly Moves DP NEC Members to Gen. Saleh’s Gulu Residence Ahead of Key Delegates Conference

    Ugandans Urge Museveni to Resign Following Apology to Buganda

    Ugandans Urge Museveni to Resign Following Apology to Buganda

    Kasujja Warns Against Secularism as UMU Trains Chaplains to Tackle Youth Crisis

    Trending Tags

  • Climate Change
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Business
  • Others
    • Education
    • Lifestyle
    • Religion
    • Opinions
  • News
    Parliament Must Lead Uganda’s Clean Energy Shift in FY2025/26 Budget

    Why the government needs to champion clean energy technologies awareness

    Chaos Erupts at DP Headquarters Over Forgery on List of Delegates Ahead of Mbarara Conference

    UEDCL Blames Power Outages on Rampant Vandalism and Illegal Connections

    Mao Quietly Moves DP NEC Members to Gen. Saleh’s Gulu Residence Ahead of Key Delegates Conference

    Ugandans Urge Museveni to Resign Following Apology to Buganda

    Ugandans Urge Museveni to Resign Following Apology to Buganda

    Kasujja Warns Against Secularism as UMU Trains Chaplains to Tackle Youth Crisis

    Trending Tags

  • Climate Change
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Business
  • Others
    • Education
    • Lifestyle
    • Religion
    • Opinions
No Result
View All Result
Parrots Media
No Result
View All Result
Home RELIGION

Supreme Court restrains Crane Bank Liquidation

Gilbert Akampa Kakurugu by Gilbert Akampa Kakurugu
October 5, 2021
in RELIGION
0
Supreme Court restrains Crane Bank Liquidation

Tycoon Sudhir Ruparelia

0
SHARES
0
VIEWS
Share on FacebookShare on X

By Leonard Kamugisha Akida,

KAMPALA:

READ ALSO

UPC Urges Reflection and Reform Ahead of Uganda Martyrs Day

Kasujja Warns Against Secularism as UMU Trains Chaplains to Tackle Youth Crisis

The Supreme Court of Uganda has delivered yet another ruling in favour of Sudhir Ruparelia regarding his Bank, Crane Bank which was taken over by Bank of Uganda, placed under receivership and its assets sold to DFCU Bank.

ADVERTISEMENT

After selling the assets to DFCU, Bank of Uganda filed a suit under Crane Bank in Receivership against Sudhir and Meera Investments seeking to recover over 400 billion shillings and 48 land titles. The suit by Crane Bank was dismissed by High Court with costs to be paid by Bank of Uganda on ground that a bank under receivership cannot sue, receivership had ended and Crane Bank was a non citizen company which could not hold freehold titles.

Bank of Uganda appealed to the Court of Appeal which unanimously upheld the findings of the High Court. Thereafter, Bank of Uganda appealed the matter to the Supreme Court. However, before the hearing of the appeal, Bank of Uganda decided to place Crane Bank into liquidation which materially altered the status of the Bank before the Court.

Bank of Uganda’s application to change the status of the appellant from Crane Bank in Receivership to Crane Bank in Liquidation was equally dismissed by the Supreme Court. After issuing a notice to the public placing Crane Bank into Liquidation, Sudhir through his lawyers, Kampala Associated Advocates filed an Application against Bank of Uganda for a temporary injunction objecting to the move by the Bank of Uganda placing Crane Bank under Liquidation yet there was an appeal before Supreme Court showing that Crane Bank was under Receivership.

In the Application, the lawyers sought for an order of court restraining Bank of Uganda from continuing with the liquidation process of Crane Bank and a declaration that Bank of Uganda was in contempt of court orders.

Yesterday 4th October, the Supreme Court delivered its ruling wherein it allowed the Application and restrained Bank of Uganda from placing Crane Bank into liquidation. The highest appellate court of the land made the following findings.

The Court first overruled the objection by Bank of Uganda that it is immune from being sued under the law governing Banks in Uganda. Court found that Bank of Uganda can be sued for anything done in bad faith. Court found that in the instant case Bank of Uganda was rightly sued as it had acted in bad faith by placing Crane Bank into Liquidation which was after losing the appeal in the Court of Appeal that upheld the high court ruling that Crane Bank under Receivership could not sue and that receivership had ended.

The Court further found that changing the status of Crane Bank (in Receivership) to Crane Bank (in liquidation) would render the appeal before it moot and nugatory (unnecessary). Therefore this was a proper case of granting an injunction restraining bank of Uganda from continuing with the liquidation of Crane Bank. Court further issued a mandatory injunction against Bank of Uganda restoring the status of Crane Bank to what it was at the time of filing an appeal in the Supreme Court.

The Court reasoned that changing the status of Crane Bank to liquidation would defeat the suit. Court found that placing Crane Bank into liquidation was illegal. Court reasoned that under the law governing banks in Uganda only a licensed Bank can be liquidated. However, Crane Bank had been closed and put under receivership which meant that it ceased being a bank and could not this be put under liquidation.

Court further found that in placing Crane Bank into liquidation, Bank of Uganda was in contempt of court orders. The Court thus allowed the Application and issued orders to the effect that Bank of Uganda should not place Crane Bank into liquidation, an order restraining Bank of Uganda from continuing with the liquidation process, an order restoring the status of Crane Bank to what it was at the time of filing a suit and declared that Bank of Uganda was in contempt of Court Orders.

The above ruling is a landmark win for Sudhir in his attempts to fight the people who illegally took over the control of the Bank.

Tags: Bank of UgandaCrane BankSudhir

Related Posts

Religion

UPC Urges Reflection and Reform Ahead of Uganda Martyrs Day

May 28, 2025
News

Kasujja Warns Against Secularism as UMU Trains Chaplains to Tackle Youth Crisis

May 26, 2025
Uganda Martyrs Essay Competition Expands Across East Africa
RELIGION

Uganda Martyrs Essay Competition Expands Across East Africa

May 23, 2025
Security Bans Vending Outside Namugongo Martyrs Shrine
Business

Security Bans Vending Outside Namugongo Martyrs Shrine

May 16, 2025
Namirembe Diocese Priest Brutally Beaten and Abducted by Unknown Assailants
Religion

Namirembe Diocese Priest Brutally Beaten and Abducted by Unknown Assailants

May 12, 2025
Ugandan MP Francis Mwijukye to meet New Pope in August
RELIGION

Ugandan MP Francis Mwijukye to meet New Pope in August

May 9, 2025
Next Post

Three committed for trial for the murder of Kyambogo student

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Catholic Priest Speaks Out Against Museveni and Son’s Leadership

Catholic Priest Speaks Out Against Museveni and Son’s Leadership

February 16, 2025

Former IGP Okoth Ogola Dies

February 14, 2025

A Love Beyond Distance: A review of Leonard Kamugisha Akida’s poetic tribute on valentine’s day

February 14, 2025

Besigye Sends Easter Message from Luzira Prison as Archbishop Kazimba Urges for Release of Political Prisoners

April 18, 2025
Brutality at KIU: Students Assaulted by Officials at Examination Hall

KIU Loses Bid to Block Payment of Shillings 46.8 Billion to Housing Finance Bank

March 12, 2025

EDITOR'S PICK

Rights Activists Reject IUIU Mandatory Pregnancy Test

September 22, 2023
Weekly Forecast: Rainfall Expected in East Africa

Weekly Forecast: Rainfall Expected in East Africa

March 18, 2024

RDC Secretariat Raises Alarms Over School Surcharges and Student Dropout Rates

March 27, 2025

16 dead, 14 injured in nasty road accident

July 29, 2022
VINAStech advert VINAStech advert VINAStech advert
ADVERTISEMENT

About

Parrots Media

A Public Relations and Media Services Company registered and licensed to operate in Uganda and the Great Lakes Region.

Follow us

Categories

  • Business
  • BUSINESS REPORTS
  • CLIMATE ACTION REPORTS
  • Climate Change
  • COMMUNITY REPORTS
  • Education
  • Entertainment
  • FEATURES
  • Health
  • Lifestyle
  • News
  • News
  • Obituary
  • OBITUARY
  • Opinions
  • Religion
  • RELIGION
  • Science and Technology
  • Sports
  • Sports and Entertainment
  • TOURISM

Recent Updates

  • Makerere University Student Dies in Iganga Road Accident
  • Literature Giant Ngugi wa Thiongo Dies at 87
  • Why the government needs to champion clean energy technologies awareness
  • Oil, Displacement and Despair: The hidden mental health crisis facing marginalised women and girls
May 2025
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031  
« Apr    
  • About Us
  • Internship
  • Contact Us

© 2025 Parrots Media | Website Designed and Maintained by VINAStech

No Result
View All Result
  • Parrots Media
  • News
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Lifestyle
  • Others
    • Climate Change
    • Education
    • Religion
    • Opinions

© 2025 Parrots Media | Website Designed and Maintained by VINAStech

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

You cannot copy content of this page