ICEA Lion asset management firm will proceed with the auction of Tuskys assets inside the Greenspan Mall after the retailer declined to clear rescheduled rent payments.
In a notice published in local dailies on Wednesday, Sannex Auctioneers contracted by ICEA Lion issued an auction notice scheduled for November 4.
The orders issued on October 21 and later extended to November 17 did not, however, cover its rental dispute with ICEA Lion as the pair had forged a new settlement deal.
Tuskys had earlier asked for an injunction to restrain the sale under a crisis for rent before striking a new deal that stopped the first auction set for the end of September.
In the September 21 deal, Tuskys agreed to settle arrears amounting to Ksh.24.2 million in three tranches to November 6.
The deal would have seen the mall manager receive Ksh.10 million on or before September 30 before receiving a similar payout on or before October 10 and the balance in November.
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