judy.legal
Login Register

UNION HOMES SAVINGS & LOANS LIMITED v. CPL INDUSTRIES LIMITED

(2009) JELR 47390 (CA)

Court of Appeal  •  CA/L/716M/06  •  17 Jul 2009  •  Nigeria

Coram
RAPHAEL CHIKWE AGBO JCA; REGINA OBIAGELI NWODO JCA; ADAMU JAURO JCA;

Judgement

R.C. AGBO, J.C.A (Delivering the Leading Judgment): The respondent was indebted to the appellant. The appellant, aggrieved at the reluctance of the respondent to pay the sums owing, approached the Federal High Court in a winding up proceeding to wind up the respondent. The appellant and respondent negotiated a settlement which was reduced into writing and by consent of both parties made the judgment of the trial court. The terms of this settlement bear reproduction hereunder:

"TERMS OF SETTLEMENT

The parties hereby agree to settle this suit as follows:

1. The parties agree that the sum due and owing to the Petitioner from the respondent is N40,000,000.00 (Forty Million Naira).

2. The respondent shall pay the said sum of N40,000,000.00 (forty million naira) in the manner hereinafter appearing.

(i) N15,000,000.00 (Fifteen Million Naira) shall be paid on the execution of these presents.

(ii) The balance sum of N25,000,000.00 (Twenty-five Million Naira) shall be paid in six equal monthly …

There's more. Sign in to continue reading

judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 20,000 cases, recent judgments, statutes, and rules of court.


Get started   Login