{"id":37034,"date":"2019-12-16T12:30:50","date_gmt":"2019-12-16T11:30:50","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=37034"},"modified":"2019-12-16T12:30:50","modified_gmt":"2019-12-16T11:30:50","slug":"n11-4-billion-debtreceiver-manager-takes-over-assets-of-stallion-nigerian-company","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/n11-4-billion-debtreceiver-manager-takes-over-assets-of-stallion-nigerian-company\/","title":{"rendered":"N11.4 Billion Debt:Receiver\/Manager Takes Over Assets Of Stallion Nigerian Company"},"content":{"rendered":"
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A Federal High Court sitting in Lagos south west Nigeria has granted an order protecting the\u00a0 Receiver \/Manager appointed by\u00a0 Guaranty Trust bank Plc Mr Gbenga Akinde- Peters to take over all fixed and floating assets\u00a0 of Stallion\u00a0 Nigeria Limited company in receivership,the company\u00a0 owned by the Vaswani brothers,wherever the assets are found particularly its registered Head office at 270A,Ajose Adeogun Street Victoria Island Lagos.<\/div>\n
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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.<\/div>\n
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The defendants in this suit are THP Limited, The Honda Place Limited, Connoisseur Investment Limited, Premium Seafoods Limited and Onward\u00a0 Fisheries Nigeria Limited who were alleged to have surety\u00a0 the loan.<\/div>\n
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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\u00a0 Limited company\u00a0 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.<\/div>\n
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The loan facilities were drawn down and used by the Stallion Nigeria Limited Company\u00a0 in accordance with the offer letter.<\/div>\n
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The loan, was secured by the\u00a0 personal guarantee of Mr. Sunil Vaswani who is the alter ego Stallion Nigeria Limited,\u00a0 five choice properties located in\u00a0 Lagos,Portharcourt and Abuja.<\/div>\n
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However when the facilities was matured,Stallion Nigeria Limited in receivership and the defendants Companies\u00a0 who guaranteed the loan\u00a0 failed to liquidate, the facilities which has continued to accrued interest,and 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<\/div>\n
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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.<\/div>\n
\u00a0 \u00a0 Upon the appointment of the receiver\u00a0 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 needs the protection of the court to enable him perform his duties unhindered.<\/div>\n
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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.<\/div>\n
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Justice Saliu Saidu, after hearing Barrister Temilolu Adamolekun leading four other senior\u00a0 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\u00a0 all fixed and floating assets of Stallion Nigeria Limited company whenever the assets are found\u00a0 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.<\/div>\n
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Thereafter the mater was adjourned till 16th of December, 2019 for the hearing of the substantive suit.<\/div>\n
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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

A Federal High Court sitting in Lagos south west Nigeria has granted an order protecting the\u00a0 Receiver \/Manager appointed by\u00a0 Guaranty Trust bank Plc Mr Gbenga Akinde- Peters to take over all fixed and floating assets\u00a0 of Stallion\u00a0 Nigeria Limited company in receivership,the company\u00a0 owned by the Vaswani brothers,wherever the assets are found particularly its registered Head office at 270A,Ajose Adeogun Street Victoria Island Lagos.<\/p>\n","protected":false},"author":6,"featured_media":37035,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[6558],"coauthors":[2391],"class_list":["post-37034","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-stallion-nigerian-company"],"yoast_head":"\nN11.4 Billion Debt:Receiver\/Manager Takes Over Assets Of Stallion Nigerian Company - 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