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TONIQUE OIL SERVICES LIMITED v. ASSET MANAGEMENT CORPORATION OF NIGERIA

(2018) JELR 38509 (CA)

Court of Appeal  •  CA/L/555/2014  •  9 May 2018  •  Nigeria

Coram
YARGATA BYENCHIT NIMPAR JCA; UGOCHUKWU ANTHONY OGAKWU JCA; ABIMBOLA OSARUGUE OBASEKI-ADEJUMO JCA;

Judgement

UGOCHUKWU ANTHONY OGAKWU, J.C.A. (Delivering the Leading Judgment): On 6th March 2012, Consent Judgment was entered in SUIT NO. FHC/L/CS/118/2012: ASSET MANAGEMENT CORPORATION OF NIGERIA v. TONIQUE OIL SERVICES LTD and ORS. This was pursuant to the Terms of Settlement executed by the parties and filed in Court. By the said Consent Judgment, the Respondent herein had judgment entered for it for the debt owed by the Appellant in respect of various credit facilities granted to the Appellant by Diamond Bank PLC and Skye Bank PLC.

The Appellant failed to comply with the terms of the Consent Judgment, whereupon the Respondent filed an application on 9th November, 2012, praying, inter alia, for an order to wind-up the Appellant for its inability to pay the judgment sum within 90 days of the judgment and for an order to appoint a liquidator to wind up the affairs of the Appellant. The application was contested and in a Ruling delivered on 11th April 2014, the Federal High Court, Coram: M. B. I…

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