A Federal High Court sitting in Lagos south west Nigeria has
granted an order protecting the Receiver /Manager appointed by Guaranty Trust
bank Plc, Mr Gbenga Akinde- Peters to take over all fixed and floating assets
of
Stallion Nigeria Limited company in receivership,the company owned by the
Vaswani brothers, wherever the assets are found, particularly its registered
Head office at 270A,Ajose Adeogun Street Victoria Island Lagos.
The order of the court was as a result of the company’s
inability to pay a debt of N11,401,860,857.06 and $1,969,801.07
The defendants in this suit are THP Limited, The Honda Place
Limited, Connoisseur Investment Limited, Premium Seafoods Limited and Onward
Fisheries Nigeria Limited who were alleged to have surety the loan.
In an affidavit sworn to by a litigation officer, Mr Segun
Omoshola,filed and argued before the court by a Lagos lawyer, Barrister
Temilolu Adamolekun, the deponent alleged that, Stallion Nigerian Limited
company, in receivership, was availed several loan facilities totaling the sum
of N30.5Billion to augment its working capital needs as well as those of its
related companies.
The loan facilities were drawn down and used by the Stallion
Nigeria Limited Company in accordance with the offer letter.
The loan was secured by the personal guarantee of Mr. Sunil
Vaswani who is the alter ego Stallion Nigeria Limited, five choice properties
located in Lagos,Port-Harcourt and Abuja.
However, when the facilities were matured,Stallion Nigeria
Limited in receivership and the defendants Companies who guaranteed the loan
failed to liquidate the facilities which has continued to accrued interest.
As at March 31,2018, Stallion Nigeria Limited’s indebtedness
to the bank stood at N11,401,860,857.06,and $1,969,801.07.
The bank wrote several demand letters, made entreaties to
the Stallion Nigeria Limited and the defendants companies to meet their
obligations to the bank but all to no avail.
Upon the appointment of the receiver manager statutorily
empowered 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 needs the protection of the court to enable him perform his
duties unhindered.
Consequently, Mr Adamolekun,urged the court to restrain the
defendants, their Directors, Shareholders and their agents from intermeddling
with or disturbing Mr Gbenga Akinde -Peters the receiver manager from performing
his duties as receiver/ manager.
Justice Saliu Saidu, after hearing Barrister Temilolu
Adamolekun leading four other senior 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 all fixed and floating assets of Stallion
Nigeria Limited company whenever the assets are found in whatever form within
the jurisdiction of the court particularly but not limited to all the assets of
stallion Nigeria Limited within the premises of its registered office at
270A,Ajose Adeogun Street Victoria Island Lagos pending the hearing and final
determination of the motion on notice.
Thereafter the mater was adjourned till 16th of December,
2019 for the hearing of the substantive suit.
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