Debt: Stop wasting resources in court process, Innosson tells GTB

The Innosson motors limited in Nnewi has advised the Guarantee
Trust Bank, GTB, to stop deploying more resources to stop the
execution of court order made against it.

The motor company said that the Federal High Court, sitting in
Ibadan last Friday, refusal to hear or grants it an injunction to
restrain Innoson from continuing to levy execution against it was a
clear testimony that it had nothing more to do.

According to the Public Relations Officer of Innosson, Mr.
Cornell Osigwe, who spoke with the Daily Trust on Monday in Nnewi,
Anambra state, instead of GTB engaging in such wasteful
desperation, the Bank should rather covert the money to shares for
Innosson.

He said, “based on the foregoing and in furtherance of the
letter to GTB by Counsel to Innoson Nigeria Ltd, McCarthy Mbadugha
& Co on March 25th, 2019 that it pays the N2.4B judgment debt
to Innoson Nigeria Ltd with the accrued interest of
N6,717,909,849.96, Innoson Nigeria Ltd therefore demands from GTB
that if it’s banking operation will be seriously and adversely
affected, it should, as a matter of utmost urgency, convert the
said sum or part of it into shares and allot same to Innoson
Nigeria Ltd.

He said that, it was the only way of stopping the motor company
from taking over GTB’s property in the manner Innoson was
doing.

According to him, “despite the decision of the Supreme Court on
February 27th 2019, dismissing the appeal by Guaranty Trust Bank
(GTB) and affirming thereby the concurrent judgment of Court of
Appeal, Ibadan division and Federal High Court Ibadan, which
ordered GTB by way of Garnishee Order Absolute to pay Innoson
Nigeria Ltd the sum of N2.4 Billion with a 22% interest, per annum,
on the judgment sum until the final liquidation of the judgment
debt, the bank is yet to comply with this order.

“In order to stop Innoson from continuing with taking over its
assets in execution of the aforesaid judgment, GTB approached the
Federal High Court, Ibadan on Friday, 5th April 2019 and requested
the court, through a motion, to stay execution and or for an
injunction restraining Innoson from continuing with executing a
judgment which the Supreme Court has affirmed when it dismissed the
GTB’s appeal against the Court of Appeal’s decision affirming the
High Court’s judgment and order in favour of Innoson.

“We have previously stated that in a garnishee proceedings, once
an order of garnishee nisi is made, the garnishee is required by
law to set the amount involved aside and will not allow the
judgment debtor to withdraw from it; and if the order is made
absolute, the garnishee pays the money to the judgment creditor and
incurs no liability for doing that but if the order is not made
absolute the garnishee returns the money to the judgment
debtor”.

He said the order was made absolute since 29th July 2011 and GTB
held unto the money from that time and is using it for its business
and it follows that by the time the order was made absolute, it was
no more the judgment debtor’s money rather that of Innoson Nigeria
Ltd, who is the judgment creditor.