Nairobi, Feb. 27 -- The Court of Appeal has dismissed an application by an administrator appointed by I&M Bank to continue managing multi-billion-shilling assets belonging to Cape Holdings Ltd, including the property where DusitD2 hotel stands.

The appellate court rejected the application by Vruti Shantilal Shah to continue managing the property, stating that it did not have jurisdiction to extend or re-appoint an administrator whose term had expired.

Justices Asike-Makhandia, Sankale ole Kantai, and Mwaniki Gachoka said the prayer could not be granted for doing so would be tantamount to reinstating or re-appointing an administrator whose term had expired by operation of law, a move which is not permissible and that the prayers sought w...