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Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt

While Innoson seeks an order that prevents GTB from transmuting into a private and financial portfolio company until GTB pays more than N32Billion Judgment debt

The Nigerian Supreme Court has rejected GTB’s motion to annul its previous decision / order issued on February 27, 2019 dismissing GTB’s appeal against the judgment of the Court of Appeal of February 6, 2014 in favor of Innoson Nigeria Ltd

Recall that on March 27, 2019, the Federal High Court, Awka Division, pursuant to the Supreme Court that dismissed GTB’s appeal, granted permission to Innoson Nigeria Ltd to enforce and execute the judgment and the absolute embargo Order issued. by coram Shakarho, J of the court in Ibadan. Judicial Chamber on May 18, 2010 and July 29, 2011 respectively. This order was confirmed simultaneously by the Court of Appeal in the judgment of February 6, 2014 and by the Supreme Court in its judgment of February 27, 2019.

When Innoson Nigeria Ltd began the tedious act of execution, GTB rushed to court with its desperate motion on notice requesting stay or stay of execution orders shipped by Innoson Nigeria Ltd and also requesting orders vacating exparte orders issued by the Court that grants Innoson leave to enforce the sentence and issue the processes for its execution.

While rescinating GTB’s request and suspending further proceedings, the court held that the order it issued on March 27, 2019 in favor of Innoson Nigeria Ltd granting it permission to execute the judgment and issue the judgment enforcement processes It is valid; also that all the steps taken to impose executions in compliance with that order remain valid and are not annulled; while all of GTB’s sentences in its motion of April 1, 2019 are not granted.

However, GTB rushed back to the Supreme Court and requested an order to vacate the Supreme Court ruling by dismissing their appeal against the previous ruling. However, the Supreme Court rejected the motion on Tuesday, November 3, 2020.

While Innoson Nig Ltd waits for GTB to work out a repayment plan for its N32Billion Judgment debt, GTB resorted to a scheme to de-register as a public limited liability company and re-register as a private and financial limited liability company. holding company too. As a result, Innoson Nig Ltd, as its creditor, has sued GTB in the Federal Supreme Court and there requests the following order of perpetual injunctions:

(a) prevent the fourth defendant (Corporate Affairs Commission) from deregistering the first defendant (GTB) as a limited liability company or re-registering the first defendant (GTB) as a private limited liability until GTB pays the outstanding amount owed court of N32, 875, 204, 984.38k derived from demands Nos: FHC / L / CS / 603/2006 and No. FHC / AWK / CS / 139/2012 respectively, affirmed by the appellate courts in appeals No. CA / 1 / 258/2011, SC.694 / 2014 and CA / E / 288/2013 to Innoson Nig Ltd;

second. a perpetual injunction order prohibiting the fourth defendant (Corporate Affairs Commission) from registering or re-registering the first defendant (GTB) as a holding or finance company, either as a public or private limited liability company until – the first defendant (GTB)) -pays Innoson Nigeria Ltd the total outstanding court debt of N32,875,204,984.38k (thirty-two billion, eight hundred seventy-five million, two hundred four thousand, nine hundred eight-four Naira, thirty and eight kobo) arising from claims Nos. FHC / L / CS / 603/2006 and FHC / AWk / CS / 139/2012 respectively affirmed by the appellate courts in Appeals Nos. CA / 1/258/2011, SC.694 / 2014 and CA / E / 288/2013:

C. An order canceling the 1st defendant’s special resolution (GTB) or any other of its resolution that it should be deregistered as a limited liability company or re-registered as a private limited liability company and / or a holding company until 1st defendant (GTB): pays Innoson Nig Ltd the total outstanding legal debt of N32, 875, 204, 984.38k (Thirty-two thousand eight hundred seventy-five million, two hundred four thousand, nine hundred eight and four Naira, thirty Eight kobo) derived from lawsuits Nos. FHC / L / CS / 603/2006 and FHC / AWk / CS / 139/2012, respectively, affirmed by the courts of appeal in Appeals Nos. CA / 1/258/2011, SC .694 / 2014 and CA / E / 288/2013:

re. an order annulling the 3rd defendant (Security and Exchange Commission) no objection to the 1st defendant’s proposal to re-register as a private limited liability company and as a financial holding company:

me. an order nullifying the main approval of the 2nd Respondent (Central Bank of Nigeria) granted to the 1st Respondent (GTB) to operate as a holding company or financial holding company.

F. a perpetual court order prohibiting the second defendant (Central Bank of Nigeria) from granting the first defendant (GTB) a financial holding company license or final approval to operate or conduct business as a financial holding company either in your current name or as a private limited liability company until the first defendant (GTB) pays the plaintiff (Innoson Nig Ltd) the total outstanding debt of N32, 875, 204, 984. 38k (Thirty-two thousand eight hundred seventy-five million, two hundred four thousand nine hundred eighty-four Naira, thirty-eight Kobo) derived from lawsuits Nos. FHC / L / CS / 603/2006 and FHC / AWK / CS / 139/2012, respectively, affirmed by the courts of appeal in Appeals Nos. CA / 1/258/2011, SC.694 / 2014 and CA / E / 288/2013.

Cornel osigwe
Head of Communications and Corporate Affairs
IVM Innoson Group

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