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Court Grants GTB Order to Take over Stallion - THISDAY

DECEMBER 14, 2019

BY  Akinwale Akintunde

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 folliwing 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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