A receiver/manager, Gbenga Akinde-Peters and Guaranty Trust Bank (GTB) have approached the Lagos division of the Appeal court, seeking an order of stay against the ruling of Justice Ambrose Lewis-Allagoa of Lagos Federal High Court, which upturned the consent judgment granting them power to take over the affairs of five companies.
The five companies are THP Limited; The Honda Place Limited; Connoisseur Investment Limited; Premium Seafoods Limited and Onward Fisheries Nigeria Limited.
The application for stay is in addition to an appeal filed against the ruling delivered by Justice Lewis-Allagoa on Monday.
Following the decision, men of the Nigeria Police, Zone 2, allegedly went to execute a purported order of court without the court Bailiffs.
One of the firm’s, allegedly began a self-help by mobilising the Police in zone 2 to execute the order, which has been appealed against.
On February 1, 2023, the Bailiffs of the Federal High Court delivered possession of the properties and assets of Stallion Nigeria Limited to the Receiver/ Manager appointed by GTB by virtue of the judgment of February 17, 2019.
The sister companies of Stallion filed an application to set aside the execution on some grounds.
Justice Allagoa heard the application on February 17, 2023 and delivered the ruling on February 20, 2023, setting aside the execution.
However, not more than 30 minutes after the ruling, GTB appealed against the ruling and filed a motion for stay of execution.
Despite the appeal and the motion for stay, the Staff of the firm called the Police from Zone 2, and without the court bailiffs, went to the premises and made attempts to resort to self-help and to execute the already appealed order.
The Receiver/Manager became judgment creditor by the consent judgment made by parties on December 17, 2019, while the judgment was executed on February 1, 2023, due to alleged failure of the judgment debtor firms to abide with the terms of consent judgment.
But Justice Lewis-Allagoa on February 20, while delivering ruling on the application filed by the judgment debtor companies, despite not filing any stay of execution or appeal against the consent judgment, made an order, setting aside the execution of the Consent Judgment.
Dissatisfied, the judgment creditors have filed a notice of appeal and urged the court to set aside the ruling of the lower court.
The appellants through their counsel, Temilolu Adamolekun, listed four four grounds for the appeal.
