According to the court, Cyrus Jirongo – a contender in the nullified August 8 presidential poll – was unable to pay the money he owed a Nairobi businessman.
The businessman had petitioned the court seeking bankruptcy orders against the politician.
The report says Jirongo had secured the loan from the National Bank of Kenya using the businessman’s property, but failed to repay.
Papers indicated that he was supposed to repay the money within 180 days from September 12, 2013.
Jirongo came last in the race for the presidency, garnering only 11,705 votes as the top two candidates garnered well over 6.5 million votes each.
That election was however nullified by the Supreme Court, which cited irregularities in the transmission and tallying process.
The court gave the Independent Electoral and Boundaries Commission (IEBC) 60 days from the September 1 ruling to conduct a fresh vote.
The new poll is now slated for October 26, though the IEBC said only President Uhuru Kenyatta and main opposition leader Rails Odinga would be on the ballot.