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ROYAL EXCHANGE ASSURANCE NIGERIA LTD & ORS. V. ASWANI TEXTILE INDUSTRIES LTD

(1992) JELR 41610 (SC)

Supreme Court  •  SC.124/1991  •  28 Feb 1992  •  Nigeria

Coram
ADOLPHUS GODWIN KARIBI-WHYTE JSC; SAIDU KAWU JSC; SALIHU MODIBBO ALFA BELGORE JSC; OLAJIDE OLATAWURA JSC; EPHRAIM OMOROSE IBUKUN AKPATA JSC;

Judgement

A. G. KARIBI-WHYTE, JSC (Delivering the Lead Ruling): On Monday the 6th January, 1992, I dismissed the application of the applicants seeking more favourable terms than was imposed for repayment of the judgment by the Court below. I however in the interest of substantial justice varied the terms somewhat, and indicated that fuller reasons for so doing will be given today. This I now proceed to do below.

The ruling is sequel to the Motion on Notice of the Applicants seeking a stay of execution of the judgment of the Court of Appeal, Lagos delivered on the 11th day of February 1991 on more favourable terms pending the hearing and determination of the appeal against the said judgment. Applicant also prayed for such further and/or other orders as this Honourable Court may deem fit to make in the circumstances

The facts of this case are not in dispute. They are that the Respondents, a textile manufacturing company, insured its assets for twelve months with a consortium of nine insurance com…

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