WHILZY INDUSTRIES (NIG) LTD & ORS V. UBA PLC & ANOR

MOORE ASEIMO ABRAHAM ADUMEIN, J.C.A. (Delivering the Leading Judgment): The appellants were the Plaintiffs in Suit No. FHC/IB/CS/91/2001 commenced by way of writ of summons in the Federal High Court, holden at Ibadan, in which they sought the following claims against the respondents, who were the defendants therein:

“The Plaintiff’s claim is for: 

1. Declarations that the appointment of the 2nd defendant by the 1st defendant as Receiver/Manager of the 1st Plaintiff by virtue of the Floating Debenture dated 3/10/90 and the Deed of Appointment dated 26/4/2000 registered as per the Corporate Affairs commission’s letter dated 7/6/2000 is invalid, null and void and of no effect whatsoever in so far as it purportedly authorized the taking of possession of the 1st plaintiff’s factory premises situate at Sakutu Ogbegbe Area, Oyo (including buildings and fixtures together with fixed plants and machineries thereon). 

2. Declarations that the ex parte Court order dated 6/10/2000 in Suit No. FHC/I…