Courtroom To Restrain GTB from Deregistering Itself As a Restricted Legal responsibility Firm
…As Innoson seeks an order restraining GTB from transmuting to a Personal and a Monetary Holding Firm till GTB pays it over N32Billion Judgement debt
The Supreme Courtroom of Nigeria has struck out GTB’s movement filed to put aside its earlier choice/order made on twenty seventh February 2019 dismissing GTB’s enchantment towards Courtroom of Attraction judgement of sixth February 2014 in favor of Innoson Nigeria Ltd
Recall that The Federal Excessive Courtroom, Awka Division on March twenty seventh, 2019, pursuant to Supreme Courtroom dismissing GTB’s enchantment, granted go away to Innoson Nigeria Ltd to implement and execute the judgment and Garnishee Order Absolute made by the court docket coram Shakarho, J on the Ibadan Judicial Division on the 18th of Could 2010 and the twenty ninth of July 2011 respectively.
This order was concurrently affirmed by the Courtroom of Attraction within the judgment of sixth February 2014 and by the Supreme Courtroom in its judgment of twenty seventh February 2019.
As Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court docket vide its determined movement on discover looking for orders staying or suspending the execution embarked by Innoson Nigeria Ltd and likewise looking for orders setting apart the exparte Orders made by the Courtroom granting Innoson go away to implement the judgment and to problem the processes of executing similar.
While resfusing GTB’s software and staying additional proceedings the court docket additional held that the order it made on March twenty seventh, 2019 in favor of Innoson Nigeria Ltd granting it go away to implement the judgment and problem processes of execution of the judgment are legitimate; additionally that every one the steps taken to levy executions in pursuance of that order are nonetheless legitimate and should not vacated; while all of the prayers by GTB in its movement of 1st April 2019 should not granted.
GTB nonetheless rushed again to the Supreme Courtroom and utilized for an order setting apart the Supreme Courtroom’s judgement dismissing its enchantment towards the above judgement. Nevertheless, the Supreme Courtroom struck out the movement on Tuesday, November third, 2020.
Whereas Innoson Nig Ltd awaits GTB to provide you with a fee plan for it’s over N32Billion Judgement debt, GTB resorted to a scheme of de-registering itself as a public restricted legal responsibility firm and re-registering itself as a non-public restricted legal responsibility firm and a monetary holding firm as properly. Innoson Nig Ltd, as its creditor, has in consequence sued GTB on the Federal Excessive Courtroom and therein seeks the next order of perpetual injunctions:
(a) restraining the 4th Defendant (Company Affairs Fee) from deregistering the first Defendant (GTB) as a public restricted legal responsibility firm and or re-registering the first Defendant (GTB) as a non-public restricted legal responsibility till it-GTB- pays the excellent judgment debt of N32, 875, 204, 984.38k arising from Go well with Nos: FHC/L/CS/603/2006 and No. FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in enchantment Nos. CA/1/258/2011, SC.694/2014 and CA /E/288/2013 to Innoson Nig Ltd;
b. an order of perpetual injunction restraining the 4th Defendant (Company Affairs Fee) from registering or re-registering the first Defendant (GTB) as a holding or monetary holding firm whether or not as a public or non-public restricted legal responsibility firm till it- the first Defendant(GTB) -pays Innoson Nigeria Ltd the excellent whole judgment debt of N32, 875, 204, 984.38k (Thirty two Billion, Eight Hundred and seventy 5 Million, Two Hundred and 4 thousand, 9 Hundred and Eight 4 Naira, Thirty Eight kobo) arising from swimsuit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Attraction Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:
c. An order cancelling the first Defendant’s (GTB’s) particular decision and or some other of its decision that it ought to be deregistered as a public restricted legal responsibility firm and or be re-registered as a non-public restricted legal responsibility firm and or a holding firm till it -the 1st Defendant (GTB)- pays Innoson Nig Ltd the full excellent judgment debt of N32, 875, 204, 984.38k (Thirty two Billion, Eight Hundred and seventy 5 Million, Two Hundred and 4 thousand, 9 Hundred and Eight 4 Naira, Thirty Eight kobo) arising from swimsuit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Attraction Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:
d. an order setting apart the third Defendant’s (Safety and Change Fee) No -objection to 1st Defendant’s proposal to be re-registered as a non-public restricted legal responsibility firm and as a holding or a holding monetary firm:
e. an order setting apart the 2nd Defendant’s (Central Financial institution of Nigeria) approval -in- principal granted to the first Defendant (GTB) to function as a holding or a holding monetary firm.
f. an order of perpetual injunction restraining the 2nd Defendant (Central Financial institution of Nigeria) from granting the first Defendant (GTB) a monetary holding firm license and or a ultimate approval to function or keep it up enterprise as a monetary holding firm whether or not in its current identify or as a non-public restricted legal responsibility firm till it, the first Defendant(GTB )pays the Plaintiff(Innoson Nig Ltd) the full excellent judgement debt of N32, 875, 204, 984. 38k (Thirty Two Billion, Eight Hundred and Seventy-5 Million, Two Hundred and 4 Thousand, 9 Hundred and Eighty-4 Naira, Thirty-Eight Kobo) arising from swimsuit Nos. FHC/L/CS/603/2006 and FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in Attraction Nos. CA/1/258/2011, SC.694/2014, and CA/E/288/2013.
Cornel Osigwe
Head of Company Communications and Affairs
IVM Innoson Group
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