Justice Saliu Saidu of the Federal High Court sitting in Lagos
has granted an order to Receiver/Manager appointed by the Guaranty
Trust bank Plc, Mr Gbenga Akinde- Peters to take over all fixed and
floating assets of Stallion Nigeria Limited company in
receivership.
The judge who gave the order yesterday following Stallion’s
inability to pay a debt of N11,401,860,857.06 it owed the bank also
restrained the Directors of the company from obstructing the
Receiver/Manager from performing his duties.
Other defendants in the suit are THP Limited, The Honda Place
Limited, Connoisseur Investment Limited, Premium Seafoods Limited
and Onward Fisheries Nigeria Limited who were alleged to have
guaranteed the loan.
In an affidavit sworn to by a litigation officer, Mr. Segun
Omoshola,filed and argued before the court by Mr. Temilolu
Adamolekun, the deponent alleged that, Stallion Nigerian Limited
company in receivership was availed several loan facilities
totaling the sum of N30.5 billion to augment its working capital
needs as well as those of its related companies.
The loan facilities, which was secure by the personal guarantee
of Mr. Sunil Vaswani, five-choice properties located in Lagos,
Portharcourt and Abuja, were said to be drawn down and used by the
Stallion Nigeria Limited Company in accordance with the offer
letter.
However when the facilities was matured, Stallion Nigeria
Limited in receivership and the defendants Companies who guaranteed
the loan have failed to liquidate the facilities which has
continued to accrued interest.
The bank wrote several demand letters, made entreaties to
Stallion Nigeria Limited and the defendants companies to meet their
obligations to the bank but all to no avail.
Following Stallion’s inability to pay the loan, the bank
appointed a receiver manager statutorily empower by law to take
charge and remain in exclusive possession and control of the
mortgaged properties and assets of Stallion Nigerian Limited.
The receiver Manager upon his appointment then approached the
court in order to get the needed protection to enable him perform
his duties unhindered.
Consequently, counsel to the Receiver Manager, Adamolekun urged
the court to restrain the defendants and their Directors,
Shareholders and their agents from intermeddling with or disturbing
his client, Akinde-Peters, the receiver manager from performing his
duties.
Justice Saliu Saidu, after hearing Adamolekun leading four other
counsels, while restraining the Directors of the defendants
companies from obstructing the Receiver/Manager from performing his
duties, also issued an order Protecting Mr Akinde Peters appointed
by the bank to take over the all fixed and floating assets of
Stallion Nigeria Limited company whenever the assets are found
whatever form The mater has been adjourned till December 16, 2019
for the hearing of the substantive suit.
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