YARGATA BYENCHIT NIMPAR, JCA (Delivering the Leading Judgment): This is an appeal against the ruling of the Federal High Court delivered by Hon. Justice P. I. Ajoku on the 5th July, 2012 wherein the Court below over ruled the objection of the Appellant challenging the jurisdiction of the Court to entertain the petition of the Respondent to wind up the Appellant company for being unable to pay its debts.
The Appellant had taken a loan from the Respondent on 17th October, 2007 and since then has failed to repay. The Respondent by way of a petition approached the Federal High Court seeking that the said Appellant company be wound up by the Court under Sections 409(a) and 401(1)(b) of the Companies and Allied Matters Act Cap C20 LFN 2004.
The Appellant filed a preliminary objection challenging the jurisdiction of the Court to entertain the said objection. The trial Court over ruled and assumed jurisdiction. Dissatisfied with the said ruling, the Appellant filed a Notice of Appeal dated 17th…